Freddie Mac mortgage rates shift slightly lower
Fixed-mortgage rates showed minimal change week-over-week on mixed economic reports, according to a Freddie Mac report Thursday. The 30-year, fixed-rate mortgage averaged 4.1%, down from last week's 4.11% and down from 4.23% a year ago. The 15-year FRM hit 3.38% for the week and held steady from last week, though down from 3.66% from last year. Frank Nothaft, vice president and chief economist at Freddie Mac, attributed the minimal shifts to varying housing market and consumer confidence data. Adjustable rates saw bigger shifts this week, as the 5-year Treasury-indexed hybrid ARM was 3.08%, up from 3.01% last week. It was at 3.41% at this point last year. The 1-year Treasury-indexed ARM averaged 2.90%, down from 2.94% last week and up from 3.30% from a year ago. The 30-year FRM interest rate hit 4.56% in September on mortgages of $417,000 or less, down from 4.63% in August according to the Federal Housing Finance Agency. The agency also reported a rate of 4.36% for the month on a composite of all mortgages, down from 4.52% in August. Write to Andrew Scoggin. Follow him on Twitter @ascoggin.