RESIDENTIAL | LOANS | RATES

Mortgage Rates Decrease

After last week’s jump, rates cool off — Week ended Sept 26

Sam Khater, Freddie Mac’s Chief Economist said, “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. The fall housing market is poised to continue with steady gains in prices and solid sales activity.”

Freddie Mac reports the following national averages with mortgage rates for the week ending September 26:

30-year fixed-rate mortgages

• Averaged 3.64%, with an average 0.6 point
• Down 0.09% from last week’s 3.73% average
• One year ago, the 30-year rate average was 4.72%

15-year fixed-rate mortgages

• Averaged 3.16%, with an average 0.5 point
• 0.05% less than last week’s 3.21% average
• This week in 2018, 15-year fixed averaged 4.16%

5-year hybrid adjustable-rate mortgages

• Averaged 3.38%, with an average 0.4 point
• Falling 0.09% from the 3.49% average last week
• Last year at this time, 5-year ARMs were 3.97% on average

Source: Freddie Mac