Average mortgage rates for the week ending October 27, 2016 are slipping from last week’s spike and the 30-year fixed-rate mortgage easing back to its summertime range below 3.5 percent, according to the latest report from Freddie Mac.
The 30 year fixed mortgage averaged 3.47% with an average 0.5 point, down 5 basis points from 3.52%. Last year at this time, it averaged 3.76%.
Average rates for the 15-year mortgage was at 2.78%, lower that the previous week’s average 2.79%. Last year’s average for the same time period was 2.98%.
5-year adjustable-rate mortgage (ARM) average rates was at 2.80%, with an average 0.4 point, slightly lower from last week when it averaged 2.85%. A year ago, the 5-year ARM averaged 2.89%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“Mortgage rates continue to be relatively stable and at near record lows. 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.”
Here are what some of the nation’s top lenders are reporting today on their websites.
Bank of America’s 30-year fixed is 3.625%, and the 15-year mortgage is 2.875%. The 5/1 ARM is 2.625%.
Wells Fargo is reporting its 30-year fixed mortgage purchase rate is 3.75%, and the 15-year fixed is 3.125%. The 30-year refinance rate is 3.875%, and the 15-year mortgage is 3.125%.
Today at Chase Mortgage, the 30-year fixed rate for the purchase mortgage rate is 3.50%, and the 15-year is at 2.875%. 30-year fixed mortgage refinance rates are at 3.625%, and the 15-year fixed is at 2.875%.
The mortgage rates quoted above can change at any time. If you would like a live rate quote and/or to discuss other possible mortgage options, please call me, Erik Sandstrom, with Caliber Home Loans at 1-800-779-4547; or email me at Erik.Sandstrom@CaliberHomeLoans.com.
You can also search for rates online using the widget below.