Mortgage rates held more or less flat during the week ended Nov. 2, with the average rate for a 30-year fixed-rate mortgage (FRM) at about 3.94%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 3.54%.
The average rate for a 15-year FRM was 3.27%, up from 3.25% the previous week. A year ago at this time, the 15-year FRM averaged 2.84%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.23%, up slightly from 3.21%. A year ago at this time, the five-year ARM averaged 2.87%.
“Following a strong surge last week, rates held relatively flat this week,” says Sean Becketti, chief economist for Freddie Mac. “The 30-year mortgage rate remained unchanged at 3.94 percent, while the 10-year Treasury yield dipped roughly four basis points. The markets’ reaction to the upcoming announcement of the next Fed chair may impact the movement of rates in next week’s survey.”