ABBA First Mortgage News

Rates continue to be historically low although they are going up.

For the week ending October 3, Freddie Mac announced that 30-year fixed rates rose one tick to 3.65% from 3.64% the week before. The average for 15-year loans decreased to 3.14% and the average for five-year ARMs remained at 3.38%. A year ago, 30-year fixed rates averaged 4.71%, more than 1.0% higher than today. “While rates on home loans generally held steady this week, overall demand remained very strong, rising over fifty percent from a year ago thanks to increases in both refinance and purchase applications. As economic growth decelerates, it is clear that low interest rates will continue to support the real estate market and we expect that to persist for the remainder of the year,” said Sam Khater, Chief Economist, Freddie Mac.

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

 

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