Borrowers may be able to lock in lower interest rates this week, as the 30-year fixed-rate mortgage dips to a 3.88 percent average.
“Rates came down slightly this week, ending a brief two-week streak of increases,” says Sean Becketti, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages for the week ending Oct. 19:
- 30-year fixed-rate mortgages: averaged 3.88 percent, with an average 0.5 point, falling from last week’s 3.91 percent average. Last year at this time, 30-year rates averaged 3.52 percent.
- 15-year fixed-rate mortgages: averaged 3.19 percent, with an average 0.5 point, dropping from last week’s 3.21 percent average. A year ago, 15-year rates averaged 2.79 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.17 percent, with an average 0.4 point, rising from last week’s 3.16 percent average. A year ago, 5-year ARMs averaged 2.85 percent.
Source: Freddie Mac