The past week's mortgage rates, monitored by Freddie Mac’s Primary Mortgage Market Survey (PMMS), for 30 year fixed-rate mortgages average 4.87 percent for the week ending October 1st. This is a continued decline from last week's 4.94 percent. 30 year fixed rate mortgages averaged 5.94 percent the same time last year.
The 15-year fixed-rate mortgage this week averaged 4.33 percent with an average 0.7 point, down from last week when it averaged 4.36 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 5.63 percent. This is the lowest the 15-year fixed-rate mortgage has been since Freddie Mac started tracking it in 1991.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.35 percent this week, with an average 0.5 point, down from last week when it averaged 4.42 percent. A year ago, the 5-year adjustable-rate mortgage averaged 5.90 percent. The 5-year adjustable-rate mortgage has not been lower since Freddie Mac started tracking it in 2005.
The one-year Treasury-indexed adjustable-rate mortgage averaged 4.53 percent this week with an average 0.5 point, up from last week when it averaged 4.49 percent. At this time last year, the 1-year adjustable-rate mortgage averaged 5.15 percent.
"Long-term mortgage rates eased further this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Interest rates for 30-year fixed-rate loans were the lowest since mid-May; 15-year fixed-rate mortgages were at a record low since data were first collected in 1991 and 5-year adjustable-rate mortgages also hit an all-time record starting in 2005. Compared to a year ago, consumers could shave almost $134 off their monthly mortgage payments on a 30-year fixed-rate loan for $200,000 by refinancing.
"Such low rates are spurring mortgage demand. Mortgage applications surged to a 19-week high over the week ending on October 2nd, according to the Mortgage Bankers Association. Moreover, applications for home purchases were at the strongest pace since the beginning of this year."
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