Freddie Mac: Mortgage rates drop back to near record lows
Drop erases last week’s gains
Mortgage rates drop this week, erasing all gains from the previous week and settling back in to near-record lows.
“Mortgage rates continue to be relatively stable and at near record lows,” Freddie Mac Chief Economist Sean Becketti said.
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(Source: Freddie Mac)
The 30-year fixed rate mortgage dropped to 3.47% for the week ending October 27, 2016. This is down from last week’s 3.52% and last year’s 3.76%.
The 15-year FRM decreased slightly from last week’s 2.79% and last year’s 3.76% to 2.78% this week.
The five-year Treasury-indexed hybrid adjustable-rate mortgage decreased slightly to 2.84% from 2.85%. It is down from last year’s 2.89%.
“The 30-year fixed-rate mortgage fell five basis points week-over- week to 3.47%, erasing last week’s increase,” Becketti said. “At the same time, the 10-year Treasury yield ended the week relatively flat – up about two basis points.”