October 27, 2014 2:03 am
"Fixed mortgage rates continued to fall last week after the yield on 10 year Treasuries dropped to their lowest point of the year,” said Frank Nothaft, vice president and chief economist, Freddie Mac. “Existing home sales beat expectations in September clocking in at an annual rate of 5.17 million units, up 2.4 percent from August. Housing starts were up 6.3 percent in September adding a seasonally adjusted annual rate of 1.017 million units. Building permits rose 1.5 percent to a seasonally adjusted annual rate of 1.018 million units in September.”
The survey shows:
- 30-year fixed-rate mortgage (FRM) averaged 3.92 percent with an average 0.5 point for the week ending October 23, 2014, down from the previous week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent.
- 15-year FRM this week averaged 3.08 percent with an average 0.5 point, down from the previous week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent last week with an average 0.5 point, down from the previous week when it averaged 2.92 percent. A year ago, the 5-year ARM averaged 3.00 percent.
- 1-year Treasury-indexed ARM averaged 2.41 percent last week with an average 0.4 point, up from the previous week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.60 percent.
Published with permission from RISMedia.