Mortgage rates were more or less flat this week, as the average rate for a 30-year fixed-rate mortgage was 3.65%, up slightly from 3.64% last week, Freddie Mac’s Primary Mortgage Market Survey shows.
That’s way down from an average rate of 4.71% during the same week one year ago.
“While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over 50 percent from a year ago thanks to increases in both refinance and purchase mortgage applications,” says Sam Khater, chief economist for Freddie Mac, in a statement. “As economic growth decelerates, it is clear that low mortgage rates will continue to support the mortgage market and we expect that to persist for the remainder of the year.”
For the week ended Oct. 3, the average rate for a 15-year fixed-rate mortgage was 3.14%, down from 3.16%.
A year ago at this time, the average rate for a 15-year was 4.15%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.38%, unchanged from last week.
A year ago at this time, the average rate for a five-year ARM was 4.01%.