Interest rates on 30-year fixed-rate mortgages fell three basis points during the week ending Oct. 29, as the market increasingly expects the Federal Reserve to hold off on raising rates, according to Freddie Mac.
The 30-year FRM averaged 3.76%, down from 3.79%
The 15-year fixed-rate mortgage averaged 2.98%, unchanged from a week earlier. It was down from 3.13% on a yearly basis.
"Treasury yields oscillated without a clear direction heading into the October FOMC meeting, as investors were confident there would be no rate increase," Sean Becketti, Freddie Mac's chief economist, said in the release.
"While the FOMC left rates unchanged at this meeting, they kept a December rate hike as an option causing Treasuries to sell off in the latter part of the day, after our survey closed," Becketti added.
