Borrowing Costs Ease Slightly This Week
Fixed-rate mortgages dropped slightly from the previous week, holding near yearly lows, Freddie Mac reports in its weekly mortgage report.
Freddie Mac released the following national averages with mortgage rates for the week ending Sept. 25:
- 30-year fixed-rate mortgages: averaged 4.20 percent, with an average 0.5 point, dropping from last week’s 4.23 percent average. Last year at this time, 30-year rates averaged 4.32 percent.
- 15-year fixed-rate mortgages: averaged 3.36 percent, with an average 0.5 point, dropping from last week’s 3.37 percent average. A year ago, 15-year rates averaged 3.37 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.08 percent, with an average 0.4 point, rising from last week’s 3.06 percent average. Last year at this time, 5-year ARMs averaged 3.07 percent.
- 1-year ARMs: averaged 2.43 percent, with an average 0.4 point, holding the same as last week. A year ago, 1-year ARMs averaged 2.63 percent.
Source: Freddie Mac