Industry News

Mortgage rates steady this week

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Mortgage rates barely budged this week, as markets prepare for the Federal Reserve's next move and inflation measures were mixed, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage dipped to an average 6.36 percent, down from 6.37 percent last week, while the 15-year fixed-rate mortgage held steady at 6.06 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.5 on the 30- and 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 6.11 percent this week, with an average 0.5 point, up slightly from 6.1 percent last week. The one-year Treasury-indexed ARM averaged 5.57 percent, with an average 0.8 point, up slightly from last week when it averaged 5.56 percent. "Mortgage rates didn't move much either way this week as the markets wait for the next scheduled FOMC meeting," said Frank Nothaft, Freddie Mac vice presid...