After increasing for the previous two weeks, mortgage rates edged back down during the week ended Oct. 19, with the average rate for a 30-year, fixed-rate mortgage (FRM) at 3.88%, down from 3.91% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 3.52%.
The average rate for a 15-year FRM was 3.19%, down from 3.21%. A year ago at this time, the 15-year FRM averaged 2.79%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.17%, up from 3.16%. A year ago at this time, the five-year ARM averaged 2.85%.
“Rates came down slightly this week, ending a brief, two-week streak of increases,” says Sean Becketti, chief economist for Freddie Mac, in a release. “The 10-year Treasury yield dipped six basis points, while the 30-year fixed mortgage rate fell three basis points to 3.88 percent.”