Average mortgage rates for the week ending September 29, 2016, are down and at a 10 week low for fixed rates, according to the latest report from Freddie Mac.
The 30 year fixed mortgage averaged 3.42% with an average 0.5 point, down from the previous week’s average of 3.48%. A year ago at this time, the 30-year averaged 3.85%.
Average rates for the 15-year mortgage was at 2.72%, a decrease from the week prior’s average of 2.76%. Last year’s average for the same time period was 3.07%.
5-year adjustable-rate mortgage (ARM) average rates were at 2.81%, higher than the previous week’s average of 2.80%. A year ago, the 5-year ARM averaged 2.91%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“Investors flocked to the safety of government bonds causing the 10-year Treasury yield to continue its descent following the FOMC’s decision to leave rates unchanged. The 30-year fixed-rate mortgage responded by dropping 6 basis points before landing at 3.42 percent — a ten-week low. The course of the economy is uncertain, yet consumers continue to be a bright spot. The September consumer confidence index is up 3 percent to 104.1, exceeding forecasts and reaching a new cycle high.”
Here are today’s rates from some of the nation’s top lenders:
Bank of America is reporting the 30-year fixed is 3.50%, and the 15-year mortgage is 2.75%.
Wells Fargo is reporting 30-year fixed mortgage purchase rates are 3.625%, and the 15-year fixed is 3.00%. The 30-year refinance rate is 3.75%, and the 15-year mortgage is 3.00%.
Today at Chase Mortgage, the 30-year fixed rate for the purchase mortgage rate is 3.375%, and the 15-year is at 2.75%. 30-year fixed mortgage refinance rates are at 3.50%, and the 15-year fixed is at 2.75%.
The rates quoted above were taken from the lender’s website and can change at any time. They are not guaranteed.
If you would like a live rate quote or if you have any questions about home loans, please feel free to call me, Erik Sandstrom, with Caliber Home Loans at 1-800-779-4547; or email me at [email protected]