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.”