Mortgage Rates Inch Up; 30-Year Still Below 5 Percent
The 30-year fixed-rate mortgage averaged 4.92 percent for the week ending October 15, 2009, up from last week when it averaged 4.87 percent, according to Freddie Mac. Last year at this time, the 30-year averaged 6.46 percent.
The 15-year FRM this week averaged 4.37 percent up from last week when it averaged 4.33 percent. A year ago at this time, the 15-year FRM averaged 6.14 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.38 percent this week, up from last week when it averaged 4.35 percent. A year ago, the 5-year ARM averaged 6.14 percent.
The one-year Treasury-indexed ARM averaged 4.60 percent this week with an average 0.5 point, up from last week when it averaged 4.53 percent. At this time last year, the 1-year ARM averaged 5.16 percent.
“Mortgage rates rose slightly over the week, but rates on 30-year fixed mortgages remained below 5 percent for the third consecutive week,” said Frank Nothaft, Freddie Mac vice president and chief economist.
“Homeowners are taking advantage of these low rates to refinance their current balances. Over the past five weeks ending October 9, more than 3 out 5 mortgage applications were for refinancing, according to the Mortgage Bankers Association," Nothaft said.