Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.14% for the week ending October 28.
“The yield on the 10-year Treasury note has been trending up due to the decline in new COVID cases, increasing consumer optimism, as well as broadening inflation and persistent shortages,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are also rising, but purchase demand remains firm, showing that latent purchase demand exists among consumers.”
The 30-year fixed-rate mortgage averaged 3.14% with an average 0.7 point, up from last week, when it averaged 3.09%. A year ago at this time, the 30-year FRM averaged 2.81%.
The 15-year fixed-rate mortgage averaged 2.37% with an average 0.7 point, up from last week, when it averaged 2.33%. A year ago at this time, the 15-year FRM averaged 2.32%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.56% with an average 0.3 point, up from last week, when it averaged 2.54%. A year ago at this time, the 5-year ARM averaged 2.88%.