Mortgage Rates Plummet Further Below 4 Percent

Dated: 10/09/2015

Views: 608

neighborhood houses1

Fixed-mortgage rates drastically decreased following a more than disappointing September jobs report, the most recent Freddie Mac Primary Mortgage Market Survey said.


Once gain, rates are below 4% for the 11th consecutive week, including the 15-year fixed, which fell below 3% once again for the first time since April of this year.


The 30-year fixed-rate mortgage averaged 3.76% for the week ending Oct. 8, 2015, down from last week when it averaged 3.85%. Last year, the 30-year FRM averaged 4.19%. 


Additionally, 15-year FRM averaged 2.99%, down from last week when it averaged 3.07%. In 2014, the 15-year FRM averaged 3.36%. 


The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.88% this week, falling from 2.91 percent last week. A year ago, the 5-year ARM averaged 3.06%.


The 1-year Treasury-indexed ARM averaged 2.55% this week, increasing from 2.53% last week. At this time last year, the 1-year ARM averaged 2.42%.


Click to enlarge

housing


“Calling the September jobs report disappointing is an understatement. The sputtering U.S. economy added only 142,000 jobs. To make matters worse, there were downward revisions to the prior two months. Hourly wages were flat, and the labor force participation rate fell to 62.4%, the lowest rate since 1977,” said Sean Becketti, chief economist with Freddie Mac.


“In response, Treasury yields dipped below 2% triggering a 9 basis point tumble in the 30-year mortgage rate to 3.76%.”


Source


Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

Latest Blog Posts

More Young Adults Live At Home Now Than During The Great Depression

While at the beginning of the year it seemed like Millennials and Generation Z were going to take hold of the housing market in 2020, the pandemic drastically changed that prediction.For the first

Read More

How To Make Your Home Office Space A Huge Selling Point

It's been six months since many of us were last in the office, tapping away on our ergonomic keyboards and drawing on whiteboards in conference rooms during (gasp!) in-person meetings.Since then, we

Read More

The Refinancing Boom Is Just Getting Started

Even with refinancings driving a record $1.1 trillion in originations in the second quarter and testing the limits of lenders’ capacity, LOs, mortgage executives and economists say all the

Read More

US Mortgage Rates Fall To All Time Lows This Week

Average mortgage rates for 30-year and 15-year mortgages fell to all-time lows this week, Freddie Mac said in a report on Thursday.The 30-year average is 2.86%, breaking the prior low of 2.88% set

Read More