Average Rate For 30-Year Mortgage Fell Eight Basis Points

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Mortgage rates fell yet again this week, as the average rate for a 30-year fixed rate mortgage decreased to 3.57%, down eight basis points from 3.65% last week, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the average rate for a  30-year was 4.90%.

“Despite the economic slowdown due to weakening manufacturing and corporate investment, the consumer side of the economy remains on solid ground,” says Sam Khater, chief economist for Freddie Mac, in a statement. “The 50-year low in the unemployment rate combined with low mortgage rates has led to increased homebuyer demand this year. Much of this strength is coming from entry-level buyers – the first-time homebuyer share of the loans Freddie Mac purchased in 2019 is forty-six percent, a two-decade high.”

For the week ended Oct. 10, the average rate for a 15-year fixed-rate mortgage was 3.05% down from 3.14% the previous week.

A year ago at this time, the average rate for a 15-year was 4.29%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.35%, down from 3.38%.

A year ago at this time, the average rate for a five-year was 4.07%.

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