GO
Loading...

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.

Mortgage rates up
Mortgage rates up

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.

Special Report: Real Estate Investing Guide

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.

Slideshow: Highest End Real Estate

Symbol
Price
 
Change
%Change
FMCC
---

Featured

Contact Real Estate

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More
  • Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.