Wednesday
October 22, 2014

For Third Week, Mortgage Rates Sink Lower

|
-A A +A

For Third Week, Mortgage Rates Sink Lower

Average fixed-rate mortgages moved lower this week amid data showing weaker consumer spending, Freddie Mac reports in its weekly mortgage survey. It marked the third-consecutive week that mortgage rates went down. 

Freddie Mac reports the following national averages in rates for the week ending April 18: 

  • 30-year fixed-rate mortgages: averaged 3.41 percent, with an average 0.7 point, dropping from last week’s 3.43 percent average. A year ago at this time, 30-year rates averaged 3.90 percent. 
  • 15-year fixed-rate mortgages: averaged 2.64 percent, with an average 0.7 point, dropping from last week’s 2.65 percent average. Last year at this time, 15-year rates averaged 3.13 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.60 percent, with an average 0.5, dropping from last week’s 2.62 percent average. Last year at this time, 5-year ARMs averaged 2.78 percent. 
  • 1-year ARMs: averaged 2.63 percent, with an average 0.4 point, rising slightly from last week’s 2.62 percent average. A year ago at this time, 1-year ARMs averaged 2.81 percent. 

Source: Freddie Mac