After increasing the previous two weeks, mortgage rates edged back down this week, with the average rate for a 30-year fixed-rate mortgage falling to 3.64%, down from 3.73% last week, Freddie Mac’s Primary Mortgage Market Survey shows.
September was the most volatile month since March, in terms of the 30-year, averaging a weekly movement of 11 basis points, the company notes in this week’s report.
“With both the unemployment rate and mortgage rate below four percent and near historic lows, it is no surprise that the housing market regained momentum with home sales and construction at or near decade highs,” says Sam Khater, chief economist for Freddie Mac, in a statement. “The fall housing market is poised to continue with steady gains in prices and solid sales activity.”
A year ago at this time, the average rate for a 30-year was 4.72%.
For the week ended Sept. 26, the average rate for a 15-year fixed-rate mortgage was 3.16%, down from 3.21% the previous week.
A year ago at this time, the average rate for a 15-year was 4.16%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.38%, down from 3.49%.
A year ago at this time, the average rate for a five-year ARM was 3.97%.