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Mortgage Rates Hold Steady

Still around 1% lower than 2018, are we here to stay?— Week ended Oct 3

“While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over fifty percent from a year ago thanks to increases in both refinance and purchase mortgage applications,” said Sam Khater, Freddie Mac’s Chief Economist. “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.”

Freddie Mac reports the following national averages with mortgage rates for the week ending October 3:

30-year fixed-rate mortgages

• Averaged 3.65%, with an average 0.6 point
• Up 0.01% from last week’s 3.64% average
• One year ago, the 30-year rate average was 4.71%

15-year fixed-rate mortgages

• Averaged 3.14%, with an average 0.5 point
• 0.02% less than last week’s 3.16% average
• This week in 2018, 15-year fixed averaged 4.15%

5-year hybrid adjustable-rate mortgages

• Averaged 3.38%, with an average 0.4 point
• Unchanged from the 3.38% average last week
• Last year at this time, 5-year ARMs were 4.01% on average

Source: Freddie Mac