Fixed Mortgage Rates Hold Steady
October 20, 2011
Average mortgage rates remained relatively unchanged for the week amid mixed economic and consumer sentiment reports, according to the latest Freddie Mac Primary Mortgage Market Survey.
The survey showed adjustable mortgage rates were mixed while fixed mortgage rates held steady remaining near their 60-year lows.
The 30-year fixed-rate mortgage (FRM) averaged 4.11 percent with an average 0.8 point for the week ending Oct. 20, down from last week when it averaged 4.12 percent. Last year at this time, the 30-year FRM averaged 4.21 percent.
Meanwhile, the 15-year FRM this week averaged 3.38 percent with an average 0.8 point, up from last week when it averaged 3.37 percent. A year ago at this time, the 15-year FRM averaged 3.64 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week, with an average 0.6 point, down from last week when it also averaged 3.06 percent. A year ago, the 5-year ARM averaged 3.45 percent.
The 1-year Treasury-indexed ARM averaged 2.94 percent this week with an average 0.6 point, up from last week when it averaged 2.90 percent. At this time last year, the 1-year ARM averaged 3.30 percent.