Mortgage Rates Hit New Yearly Lows

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The downward trend in mortgage rates continues according to the Primary Mortgage Survey of Freddie Mac for the week ending October 16th. The average interest rate on a 30-year fixed-rate mortgage reached 3.97%. It declined from 4.12% during the previous week. Currently, it is at its lowest level since June 20th 2013 when it was 3.93%. This is also the first time since June 2013 when the average rate on a 30-year fixed mortgage has reached a level below 4%. In the same week a year ago it was 4.8%.

The average interest rate on a 15-year fixed rate mortgage loan also experienced a decline during the week ending October 16th. It went down to 3.18% from 3.30% during the previous week. One year ago, it was 3.33%.
The interest rate on a 5-year hybrid adjustable-rate mortgage averaged 2.92% during the week ending October 16th. It went down from 3.05% in the week before. During the same week one year ago, it was 3.07%.

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The average rate on a 1-year hybrid adjustable-rate mortgage loan was 2.38%. It declined from a level of 2.42% during the previous week. One year ago it stood at 2.63%.

The comment of the vice president and chief economist of Freddie Mac, Frank Nothaft, was that the mortgage rates followed the decline of the 10-year Treasury yield for a second week in a row. The rates have reached their lowest level since the end of June 2013 while investors are still skeptical about the economic situation in Europe.

There are worries about the global economic growth and this has had a negative impact on the financial markets over the past few weeks, according to the weekly mortgage report of Bankrate. The developments in the financial markets translate into lower mortgage rates for the consumers in the United States.

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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