Mortgage Rates Up, Still Below 4% Sweet Spot

Average fixed-rate mortgages inched up from last week’s lowest rates of the year but are still below historical lows, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac reports the following average mortgage rates for the week ending Oct. 30:

  • 30-year fixed-rate mortgages: averaged 3.98 percent, with an average 0.5 point, rising from last week’s 3.92 percent average. Last year at this time, 30-year rates averaged 4.10 percent.
  • 15-year fixed-rate mortgages: averaged 3.13 percent, with an average 0.5 point, rising from last week’s 3.08 percent. A year ago, 15-year rates averaged 3.20 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.94 percent, with an average 0.5 point, rising from last week’s 2.91 percent average. Last year at this time, 5-year ARMs averaged 2.96 percent.

Source: Freddie Mac