Mortgage Rates Fell Down Close to Their Annual Lows

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The average interest rate on a 30-year fixed-rate mortgage loan was 4.12% in the week ending October 9th, according to the Primary Mortgage Market Survey compiled by Freddie Mac. It dropped down from 4.19% during the previous week. During the same week of 2013, the average rate on this type of home loan was 4.23%.

The average interest rate on a 15-year fixed rate mortgage experienced decline as well. It is currently 3.30% down from 3.36% during the week before. At this time one year ago, it was 3.31%.

The 5-year hybrid adjustable-rate mortgage had an average interest rate of 3.05% during the week ended October 9th. It marked a slight decrease from the previous week when it was 3.06%. During the same week a year ago, the average interest rate on a 5-year ARM was the same as today – 3.05%.

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The average interest rate on a 1-year hybrid adjustable-rate mortgage loan was 2.42%. It did not undergo any changes during the week. At this time a year ago, the average interest rate on this type of home loan was 2.64%.

Currently, the mortgage rates have returned to their lowest level since the end of the second quarter of 2013. According to the chief economist of Freddie Mac, the decline in the rates occurs amidst bleak projections for the U.S. economy made by the Federal Reserve and concerns over the economic growth in Europe, which has experienced economic sluggishness in the course of the past few months.

At the same time, the Federal Reserve continues to diminish its mortgage bond purchases in line with its plans which were announced earlier in the year. In the mortgage market, the applications for home purchase loans rose by 2%. The rate of unemployment fell down to 5.9% as 248,000 new jobs were created in the U.S. economy.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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