Great news! “Mortgage rates continue to be relatively stable and at near record lows,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year fixed-rate mortgage fell 5 basis points week-over-week to 3.47 percent, erasing last week’s increase. At the same time, the 10-year Treasury yield ended the week relatively flat — up about 2 basis points.”
Freddie Mac reports the following national averages for the week ending Oct. 27:
- 30-year fixed-rate mortgages: averaged 3.47 percent, with an average 0.6 point, dropping 5 basis points from 3.52 percent last week. Last year at this time, 30-year rates averaged 3.76 percent.
- 15-year fixed-rate mortgages: averaged 2.78 percent, with an average 0.5 point, dropping slightly from last week’s 2.79 percent average. A year ago, 15-year rates averaged 2.98 percent.
Source: Freddie Mac