Fixed mortgage rates moved lower for the week ended Oct. 22 following a decline in Treasury yields, according to Freddie Mac's latest Primary Mortgage Market Survey.
The average rate for a 30-year fixed-rate mortgage (FRM) was 3.79%, a decrease from the previous week when it averaged 3.82%. A year ago at this time, the 30-year FRM averaged 3.92%.
The average rate for a 15-year FRM was 2.98%, a decrease from the previous week when it averaged 3.03%. A year ago at this time, the 15-year FRM averaged 3.08%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.89%, up slightly from 2.88% the week prior. A year ago, the five-year ARM averaged 2.91%.
The average rate for a one-year Treasury-indexed ARM this past week was 2.62%, up from the previous week's 2.54%. A year ago, the one-year ARM averaged 2.41%.
‘Following Federal Reserve Gov. Daniel Tarullo's remarks last week, Treasury yields dipped. In response, 30-year mortgage rates fell three basis points this week to 3.79 percent,’ says Sean Becketti, chief economist for Freddie Mac. ‘The housing market continues to benefit from low mortgage rates, with housing starts for September beating expectations and the [National Association of Home Builders'] Housing Market Index registering a 10-year high in October.’