The average 30-year fixed-rate mortgage decreased slightly this week, easing to 2.99%; it was 3.01% last week. The 15-year FRM averaged 2.23% this week.
MCLEAN, Va. – The average 30-year fixed-rate mortgage (FRM) decreased slightly this week, easing to 2.99%; however, many analysts predict that mortgage rates will continue to rise modestly over the next year.
“Mortgage rates continue to hover at around 3% again this week due to rising economic and financial market uncertainties,” said Sam Khater, Freddie Mac’s chief economist. “Unfortunately, with the expectation that both mortgage rates and home prices will continue to rise, competition remains high and housing affordability is declining.”
Average mortgage rates for the week of Oct. 7
•The 30-year fixed-rate mortgage averaged 2.99% with an average 0.7 point, down slightly from last week’s 3.01%. A year ago at this time, the 30-year FRM averaged 2.87%.
•The 15-year fixed-rate mortgage averaged 2.23% with an average 0.7 point, down from last week’s averaged 2.28%. A year ago at this time, the 15-year FRM averaged 2.37%.
•The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.52% with an average 0.3 point, up from last week’s 2.48%. A year ago at this time, the 5-year ARM averaged 2.89%.
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Author: marlam