Mortgage rates held steady at last week’s levels and maintained three-month lows for the week ending September 24, according to Freddie Mac (FRE). The average rate for 30-year fixed rate mortgages (FRM) hovered at 5.04% with a 0.6 point, unmoved from last week. At this time last year, the 30-year FRM averaged 6.09%. The 15-year FRM registered 4.46% with an average 0.6 point down slightly from last week when it averaged 4.47%. A year ago, the 15-year FRM averaged 5.77%. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) remained unchanged from last week at 4.51% with an average 0.5 point. This time last year, the five-year ARM averaged 6.02%. The one-year Treasury indexed ARM averaged 4.52% with an average 0.6 point, dropping from 4.58% last week and from 5.03% a year ago. In its September 23rd policy statement, the Federal Reserve indicated that it plans to keep its benchmark interest rate exceptionally low for an extended period, according the Freddie Mac release. According to separate survey by of large US lenders, mortgage rates dropped slightly from last week. The 30-year FRM dipped to 5.36% from 5.38%. The 15-year FRM increased to 4.74% from 4.72% a week ago, and the five-year ARM fell to 4.8% from 4.89% a week ago. Write to Jon Prior.

About the Author

Most Popular Articles

Freddie Mac: Mortgage rates reverse course from last week’s low

This week, the average U.S. fixed rate for a 30-year mortgage jumped to 3.69%. That’s still more than a percentage point lower than the 4.85% of the year-earlier week.

Oct 17, 2019 By

Latest Articles

Dallas tornado leaves 15 miles of homes with at least 50% damage probability

Tornados hit Dallas Sunday night, one gliding along the ground for about 15 miles. The area has at least 50% destruction probability, CoreLogic data shows.

Oct 21, 2019 By