Great news if you’re about to get a loan, the Averages on fixed-rate mortgages dropped even lower this week. This drop gives a huge benefit to home buyers and refinancers, Freddie Mac reports. Freddie Mac states the following national averages with mortgage rates for the week ending October 22nd:
- 30-year fixed-rate mortgages: averaged 3.79 percent, with an average 0.6 point, dropping from last week’s 3.82 percent average. Last year at this time, 30-year rates averaged 3.92 percent.
- 15-year fixed-rate mortgages: averaged 2.98 percent, with an average 0.5 point, falling from a 3.03 percent average. A year ago, 15-year rates averaged 3.08 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.89 percent, with an average 0.4 point, rising from last week’s 2.88 percent average. A year ago, 5-year ARMs averaged 2.91 percent.
- 1-year ARMs: averaged 2.62 percent, with an average 0.2 point, rising from 2.54 percent last week. Last year at this time, 1-year ARMs averaged 2.41 percent.
Source: Freddie Mac