Mortgage rates for the week ending Oct. 11 changed very little, ending a series of steep drops that occurred in the wake of the Fed’s decision to acquire additional mortgage-backed securities.
Still, Freddie Mac in its latest primary mortgage market survey noted that rates remained virtually unchanged last week.
The 30-year, fixed-rate mortgage averaged 3.39%, up from 3.36% a week earlier and down from 4.12% last year, Freddie Mac said.
In addition, the 15-year, FRM averaged 2.70%, up slightly from 2.69% in the previous report, but down from 3.37% last year.
The 5-year, Treasury-indexed hybrid adjustable-rate mortgage averaged 2.73%, up slightly from 2.72% last week while still down from 3.06% last year.
And finally, the 1-year Treasury-indexed ARM hit 2.59%, which compares to 2.57% a week earlier and 2.90% last year.
“Mortgage rates were little changed this holiday week following the employment report for September,” said Frank Nothaft, chief economist and a vice president for Freddie Mac.
“Payroll employment increased by 114,000 workers, although manufacturing jobs dipped for the second month in a row. Employment in the prior two months was revised up 86,000 and the unemployment rate fell to 7.8 percent, marking the lowest rate since January 2009.”
