Rates Stop Falling in Freddie Survey

The average rates for 30- and 15-year fixed-rate mortgages inched up a bit during the week ending Oct. 10 in Freddie Mac’s latest survey, potentially affecting a recent resurgence in refi applications from a previous decline in rates.

The average 30-year rate was up a basis point from the previous week at 4.23% and the average 15-year rate was up two basis points at 3.31%. Freddie Mac chief economist Frank Nothaft attributed the rate moves in part to light economic data releases during the government shutdown.

The average rate for a five-year Treasury-indexed hybrid also was up two basis points. It was 3.05% during the most recent week.

The average rate for a one-year Treasury-indexed adjustable-rate mortgage was up one basis point 2.64%.

Average points were lowest for one-year Treasury ARMs and five-year Treasury hybrids at 0.4 of a point, followed by 15- and 30-year FRMs at 0.7 of a point.

A year ago, the 30-year rate was 3.39%, the 15-year rate was 2.7%, the five-year Treasury hybrid rate was 2.73% and the one-year Treasury ARM rate was 2.59%.