Mortgage interest rates shifted downward this week following two weeks of modest increases according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending October 24th, 2013.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages moved lower this week with the 30-year fixed rate mortgage falling by fifteen basis points to an average of 4.13 percent with an average of 0.8 points. Last week the average rate increased by five basis points. A year ago, the 30-year fixed rate mortgage averaged 3.41 percent.
Average 30-year fixed rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 4.08 percent while the highest rates were reported in the Southwestern and Northeastern areas of the country where interest rates averaged 4.17 percent.
The average rate for a 15-year fixed mortgage was 3.24 percent this week with an average of 0.6 points, down from an average of 3.33 percent last week. At this time last year, the 15-year fixed rate mortgage averaged 2.72 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were also lower this week with the 5-year Treasury-indexed hybrid ARM averaging 3.00 percent, with an average of 0.4 points, down from an average of 3.07 percent last week. The 5-year adjustable rate mortgage averaged 2.75 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.60 percent with an average of 0.5 points, down from an average of 2.63 percent last week. A year ago, the 1-year adjustable rate mortgage averaged 2.60 percent.
Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury
Reported by Shirley Allen