Fixed Mortgage Rates Drop to 4-Month Low; 30-Year at 4.13%

Fixed Mortgage Rates Drop to 4-Month Low; 30-Year at 4.13%Growing sentiment that the Federal Reserve won’t start dialing back bond purchases this year helped push down fixed mortgage rates to their lowest levels since June, according to Freddie Mac.
A weak jobs report for September, released this week after the government shutdown ended, also contributed to the downward trend in rates.
The U.S. economy added just 148,000 jobs, which was below the market consensus forecast and less than the 193,000 jobs increase in August.
Here is Freddie Mac’s overview of rates:
30-year fixed-rate mortgage averaged 4.13 percent, with an average 0.8 point, for the week ending October 24, 2013, down from last week when it averaged 4.28 percent. A year ago at this time, the 30-year fixed rate averaged 3.41 percent.
15-year fixed rate this week averaged 3.24 percent, with an average 0.6 point, down from last week when it averaged 3.33 percent. A year ago at this time, the 15-year fixed rate averaged 2.72 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.00 percent this week, with an average 0.4 point, down from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 2.75 percent.
1-year Treasury-indexed ARM averaged 2.60 percent this week, with an average 0.5 point, down from last week when it averaged 2.63 percent. At this time last year, the 1-year ARM averaged 2.59 percent.

Leave a Reply

Your email address will not be published. Required fields are marked *