The 30-year fixed-rate mortgage was on the rise last week, leaping to a 12-week high. But rates are still well below year-ago levels.
“The outlook for a favorable resolution to the trade dispute between the U.S. and China is still unclear, introducing some volatility into financial markets and the benchmark 10-year Treasury yield,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are following suit but are near historic lows, while mortgage applications to purchase a home remain higher year over year.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 24:
30-year fixed-rate mortgages: averaged 3.75%, with an average 0.5 point, rising from last week’s 3.69% average. Last year at this time, 30-year rates averaged 4.86%.
15-year fixed-rate mortgages: averaged 3.18%, with an average 0.5 point, rising from last week’s 3.15% average. A year ago, 15-year rates averaged 4.29%.
5-year hybrid adjustable-rate mortgages: averaged 3.4%, with an average 0.3 point, up from last week’s 3.35% average. Last year at this time, 5-year ARMs averaged 4.14%.
