Homebuyers looking for a purchase loan and homeowners who want to refinance are responding well to low mortgage rates. “While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over 50% from a year ago thanks to increases in both refinance and purchase mortgage applications,” says Sam Khater, Freddie Mac's chief economist. "As economic growth decelerates, it is clear that low mortgage rates will continue to support the mortgage market, and we expect that to persist for the remainder of the year.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 3:
- 30-year fixed-rate mortgages: averaged 3.65%, with an average 0.6 point, up slightly from last week’s 3.64% average. Last year at this time, 30-year rates averaged 4.71%.
- 15-year fixed-rate mortgages: averaged 3.14%, with an average 0.5 point, falling from last week’s 3.16% average. A year ago, 15-year rates averaged 4.15%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.38%, with an average 0.4 point, unchanged from last week’s average. A year ago, 5-year ARMs averaged 4.01%.
Source: Freddie Mac
