Mortgage Rates Continue To Seesaw Near Historic Lows

Mortgage rates edged back down again during the week ended Oct. 27, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.47%, down from 3.52% the previous week. A year ago at this time, the 30-year FRM averaged 3.76%.

The average rate for a 15-year FRM was 2.78%, down slightly from 2.79%. A year ago at this time, the 15-year FRM averaged 2.98%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.84%, down slightly from 2.85%. A year ago, the five-year ARM averaged 2.89%.

“Mortgage rates continue to be relatively stable and at near record lows,” says Sean Becketti, chief economist for Freddie Mac, in a release. “The 30-year FRM fell five basis points week-over-week to 3.47 percent, erasing last week’s increase. At the same time, the 10-year Treasury yield ended the week relatively flat – up about two basis points.”


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