Mortgage Rates Show Slight Change
Freddie Mac's Primary Mortgage Market Survey reported the 30-year fixed-rate mortgage averaging 2.87% for the week ending October 8, a slight decline from the previous week's average of 2.88%.
"The year-long slide in mortgage rates seems to be ending as rates have flattened over the last month and the economic rebound has slowed," said Sam Khater, Freddie Mac’s chief economist. "But with near record-low rates, buyer demand remains robust with strong first-time buyers coming into the market. The demand is particularly strong in more affordable regions of the country such as the Midwest, where home prices are accelerating at the highest rates over the last two decades."
The 30-year fixed-rate is still averaging far lower than the 3.57% average just one year ago. Additionally, the 15-year fixed-rate averaged 2.37%, barely up from last week's average of 2.36%. The 15-year fixed-rate average is much lower than its 2.05% average a year ago. The 5-year Treasury-indexed hybrid adjustable-rate mortgage saw a slight decrease, averaging 2.89% compared to the previous week's average of 2.90%.
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