Mortgage rates stay below 5%

Rates on 30-year fixed-rate mortgages stayed below 5 percent for the third week in a row, averaging 4.92 percent with an average of 0.7 point for the week ending Oct. 15, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

That's up from 4.87 percent last week, but well below the 6.46 percent average surveyed at the same time a year ago.

The 15-year fixed mortgage rate this week averaged 4.37 percent with an average 0.7 point, up from 4.33 percent last week but down from 6.14 percent a year ago.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.38 percent this week with an average 0.6 point, up from 4.35 percent last week but down from 6.14 percent a year ago.

The one-year Treasury-indexed ARM averaged 4.6 percent this week with an average 0.5 point, up from 4.53 percent last week but down from 5.16 percent a year ago.

Those rates are for prime borrowers taking out loans with 20 percent downpayments. Borrowers taking out loans too large or risky for purchase or guarantee by Freddie Mac can expect to pay more.

***

What's your opinion? Leave your comments below or send a letter to the editor.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.