The average rate charged on most mortgage products remained relatively stable for the week ending October 27, hovering near their recent lows, according to figures compiled by Freddie Mac.
The average rate for a 30-year FRM came in just a basis point lower than the previous week at 4.1%, while the average 15-year FRM stayed steady at 3.38%.
In the adjustable-rate mortgage sector, the five-year Treasury-indexed hybrid rate rose to 3.08% from 3.01% during the week, while the one-year Treasury ARM rate slid to 2.90% from 2.94%.
Average points were highest for 30-year FRMs at 0.8 of a point, compared to 0.7 of a point for 15-year FRMs, 0.6 of a point for one-year Treasury ARMs, and 0.5 of a point for five-year Treasury hybrids.
Between the persistence of near-record low rates and other factors, it is still “the most affordable it's ever been to buy a house,” said Kent Colton, senior fellow for the Harvard Joint Center for Housing Studies and president of The Colton Housing Group. But Colton added that, “There is no sense of urgency in the marketplace” when it comes to making a decision to buy a home.
A year ago, 30- and 15-year FRMs were being offered at 4.23%, and 3.66%, respectively. The average five-year Treasury hybrid rate was 3.41% and the average one-year Treasury ARM rate was 3.3%.
