30-Year Mortgage Falls Back to Yearly Lows
Borrowing costs were down once again this week, giving home buyers another opportunity to lock in some of the lowest rates of the year.
Freddie Mac reported the following national mortgage rate averages for the week ending Oct. 9:
- 30-year fixed-rate mortgages: averaged 4.12 percent, with an average 0.5 point, dropping from last week’s 4.19 percent average. Last year at this time, 30-year rates averaged 4.23 percent.
- 15-year fixed-rate mortgages: averaged 3.30 percent, with an average 0.5 pont, dropping from last week’s 3.36 percent average. Last year at this time, 15-year rates averaged 3.31 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.05 percent, with an average 0.5 point, dropping from last week’s 3.06 percent average. A year ago, 5-year ARMs averaged 3.05 percent.
- 1-year ARMs: averaged 2.42 percent, with an average 0.4 point, holding the same average as last week. A year ago, 1-year ARMs averaged 2.64 percent.
Source: Freddie Mac