Mortgage Rates Recede After Last Week’s Uptick
September 27, 2019
September has proven to be the most volatile month for the 30-year fixed-rate mortgage since March. Average weekly movement on rates has fluctuated 11 basis points in that time, Freddie Mac reports. This week, mortgage rates fell after posting the largest uptick in nearly a year last week.
“With both unemployment rate and mortgage rates below 4% and near historic lows, it is no surprise that the housing market regained momentum in home sales and construction as or near decade highs,” says Sam Khater, Freddie Mac’s chief economist. “The fall housing market is poised to continue with steady gains in prices and solid sales activity.”
Freddie Mac reported the following national averages with mortgage rates for the week ending Sept. 26:
- 30-year fixed-rate mortgages averaged 3.64%, with an average 0.6 point, falling from last week’s 3.73% average. Last year at this time, rates averaged 4.72%.
- 15-year fixed-rate mortgages averaged 3.16%, with an average 0.5 point, falling from last week’s 3.21% average. A year ago, 15-year rates averaged 4.16%.
- 5-year hybrid adjustable-rate mortgages averaged 3.38%, with an average 0.4 point, falling from last week’s 3.49% average. A year ago, 5-year ARMs averaged 3.97%.
Updated: May 29, 2020