Mortgage Rates Mostly Flat This Week
Mortgage rates mostly held steady this week after posting a sizable jump last week.
“Following a strong surge last week, rates held relatively flat this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate remained unchanged at 3.94 percent, while the 10-year Treasury yield dipped roughly 4 basis points. The markets’ reaction to the upcoming announcement of the next Fed chair may impact the movement of rates in next week’s survey.”
Freddie mac reports the following national averages with mortgage rates for the week ending Nov. 2:
- 30-year fixed-rate mortgages; averaged 3.94 percent, with an average 0.5 point, the same average as last week. Last year at this time, 30-year rates averaged 3.54 percent.
- 15-year fixed-rate mortgages: averaged 3.27 percent this week, with an average 0.5 point, rising from last week’s 3.25 percent average. A year ago, 15-year rates averaged 2.84 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.23 percent, with an average 0.5 point, rising from last week’s 3.21 percent average. A year ago, 5-year ARMs averaged 2.87 percent.
Source: Freddie Mac