Mortgage Rates Fall to Four-Month Lows

DAILY REAL ESTATE NEWS | FRIDAY, OCTOBER 25, 2013

Fixed mortgage rates dropped to their lowest levels since this summer, giving a lift this week to the housing recovery.

“Mortgage rates slid this week as the partial government shutdown led to market speculation that the Federal Reserve will not alter its bond purchases this year,” says Frank Nothaft, Freddie Mac’s chief economist.

Mortgage rates have been dropping since September when the Federal Reserve decided to delay tapering its $85-billion per month bond purchasing program, which has been keeping rates low.

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 24:

  • 30-year fixed-rate mortgages: averaged 4.13 percent, with an average 0.8 point, dropping from last week’s 4.28 percent average. That’s the lowest average for the 30-year fixed-rate mortgage since June 20. Last year at this time, 30-year rates averaged 3.41 percent.
  • 15-year fixed-rate mortgages: averaged 3.24 percent, with an average 0.6 point, falling from last week’s 3.33 percent average. Last year at this time, 15-year rates averaged 2.72 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3 percent, with an average 0.4 point, falling from last week’s 3.07 percent average. A year ago, 5-year ARMs averaged 2.75 percent.
  • 1-year ARMs: averaged 2.60 percent, with an average 0.5 point, dropping from last week’s 2.63 percent average. A year ago, 1-year ARMs averaged 2.59 percent.

—REALTOR(R) Magazine Daily News

Read More

No Federal Guarantee, No 30-Year Mortgage

 

 

http://realtormag.realtor.org/daily-news/2013/10/25/mortgage-rates-fall-four-month-lows

 

 

http://www.rebeccasellsaz.com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: