The average rate for a 30-year fixed-rate mortgage is now its lowest level since the week ending June 20, according to Freddie Mac. At 4.22% for the week ending Oct. 3, it is down 10 basis points from the previous week but still above its year-ago level of 3.36%.
The average 15-year FRM rate for the most recent week is down eight basis points from a week ago at 3.29%. It was 2.69% 12 months ago. The average rate for a five-year Treasury-indexed hybrid loan during the week ending Oct. 3 slid by four basis points to 3.03% week-to-week but was up 31 basis points from a year ago.
Only the average rate for the one-year Treasury-indexed adjustable-rate mortgage failed to fall during the most recent week, remaining stable at 2.63%. It is just six basis points higher than a year ago.
Average points during the week ending Oct. 3 were as follows: 0.7 of a point for 30- and 15-year FRMs, 0.6 of a point for five-year Treasury hybrids and 0.4 of a point for one-year Treasury ARMs.