Authorization

Mortgage Rates See Slight Increase

(RTTNews) - Mortgage rates, or interest rates on home loans, recorded a slight increase from last week, according to mortgage provider Freddie Mac.

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.65 percent for the week ending October 3, 2019, up from last week's 3.64. A year ago at this time, the average rate was 4.71 percent.

The 15-year FRM this week averaged 3.14 percent, down from last week's 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.15 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.38 percent, unchanged from last week. It was 4.01 percent a year ago.

"While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over fifty percent from a year ago thanks to increases in both refinance and purchase mortgage applications," said 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."
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