Mortgage rates dropped this week after the release of September’s disappointing employment report, according to the latest survey conducted by mortgage buyer Freddie Mac.

In Freddie Mac’s weekly survey, the 30-year fixed-rate mortgage averaged 5.74 percent for the week ended today, down from last week when it averaged 5.82 percent. The average for the 15-year fixed-rate mortgage this week is 5.14 percent, also down from last week when it averaged 5.24 percent. Points on both the 30- and 15-year averaged 0.6.

One-year Treasury-indexed adjustable-rate mortgages averaged 4.01 percent this week, with an average 0.6 point, lower than last week when they averaged 4.08 percent.

“The decline in mortgage rates was primarily due to a weak employment report for September, which suggested economic growth is still a bit subdued. As a result, we expect mortgage rates will continue to stay quite affordable over the next few months, benefiting future home buyers,” said Freddie Mac’s chief economist Frank Nothaft. “Of late, there has been no compelling economic reason to believe mortgage rates would climb out of their recent range.

“Over the last few months, the interest-rate difference between fixed-rate mortgages and adjustable-rate mortgages has thinned. If this continues, ARMs may lose some appeal amongst homeowners in the coming months,” Nothaft said.

The following is a sampling of Bankrate’s average 30-year-mortgage interest rates this week in some U.S. metropolitan areas.

New York – 5.79 percent with 0.09 point

Los Angeles – 5.75 percent with 0.53 point

Chicago – 5.79 percent with 0.05 point

San Francisco – 5.78 percent with 0.3 point

Philadelphia – 5.77 percent with 0.13 point

Detroit – 5.73 percent with 0.25 point

Boston – 5.84 percent with no points

Houston – 5.67 percent with 0.8 point

Dallas – 5.72 percent with 0.52 point

Washington, D.C. – 5.66 percent with 0.46 point


What’s your opinion? Send your Letter to the Editor to

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription