Saturday
November 1, 2014

Mortgage Rates Inch Up Slightly This Week

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Mortgage Rates Inch Up Slightly This Week

Nationwide mortgage rate averages climbed slightly this week but remain near their record lows, Freddie Mac reports in its weekly mortgage market survey. 

"Mortgage rates remained relatively unchanged this week and should continue to support the housing market and mortgage refinance,” says Frank Nothaft, Freddie Mac’s chief economist. 

Here’s a closer looking at the averages for the mortgage rates for the week ending Oct. 25. 

  • 30-year fixed-rate mortgages: averaged 3.41 percent, with an average 0.7 point, rising from last week’s 3.37 percent average. A year ago, 30-year rates averaged 4.10 percent. The record low for the 30-year mortgage averaged 3.36 percent in recent weeks. 
  • 15-year fixed-rate mortgages: averaged 2.72 percent, with an average 0.6 point, rising from last week’s record-breaking 2.66 percent average. Last year at this time, 15-year rates averaged 3.38 percent.
  • 5-year adjustable-rate mortgages: averaged 2.75 percent, with an average 0.6 point, holding the same as last week’s average. Last year at this time, 5-year ARMs averaged 3.08 percent. 
  • 1-year ARMs: averaged 2.59 percent, with an average 0.4 point, dropping from last week’s 2.60 percent average. A year ago, 1-year ARMs averaged 2.90 percent. 

Source: Freddie Mac