No news is good news for borrowers.
The 30-year fixed rate mortgage averaged 2.87 percent for the week, virtually unchanged from the week before and barely above the record low of 2.86 percent in mid-September, according to Freddie Mac’s weekly survey released Thursday.
The survey found:
- The 30-year fixed-rate mortgage averaged 2.87 percent with an average 0.8 point, slightly down from last week when it averaged 2.88 percent and well below last year’s 3.57 percent.
- The 15-year fixed-rate mortgage averaged 2.37 percent with an average 0.7 point, slightly up from last week’s 2.36 percent and last year’s 3.05 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.89 percent with an average 0.2 point, down from last week’s 2.90 percent and last year’s 3.35 percent.
“The year-long slide in mortgage rates seems to be ending as rates have flattened over the last month and the economic rebound has slowed,” Freddie Mac Chief Economist Sam Khater said. “But with near record low rates, buyer demand remains robust with strong first-time buyers coming into the market. The demand is particularly strong in more affordable regions of the country such as the Midwest, where home prices are accelerating at the highest rates over the last two decades.”