MortgageRatesSteady

Despite ongoing global growth concerns putting downward pressure on Treasury yields, average fixed mortgage rates were largely unchanged, according to Freddie Mac’s Primary Mortgage Market Survey.

Softening home sales are helping to keep rates low. The National Association of Realtors’ pending home sales index dropped 1.4 percent in August, suggesting that existing home sales continued to weaken in September despite mortgage rates lower than a year ago.

"In contrast to the volatility in equity markets, the 10-year Treasury rate – a key driver of mortgage rates – varied just a little more than 10 basis points over the last week. As a result, the 30-year mortgage rate remained virtually unchanged, dropping 1 basis point to 3.85 percent. This marks the tenth consecutive week of a sub-4-percent mortgage rate,” said Sean Becketti, Freddie Mac’s chief economist,

Rates on 30-year fixed-rate mortgages (FRM) averaged 3.85 percent with an average 0.6 point for the week ending Oct. 1, 2015, down from last week when it averaged 3.86 percent. A year ago at this time, the 30-year FRM averaged 4.19 percent.

This week 15-year fixed rate mortgages averaged 3.07 percent with an average 0.7 point, down from last week when it averaged 3.08 percent. A year ago at this time, the 15-year FRM averaged 3.36 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgages (ARM) averaged 2.91 percent this week with an average 0.4 point, unchanged from last week. A year ago, the 5-year ARM averaged 3.06 percent.

One-year Treasury-indexed fixed rate mortgages averaged 2.53 percent this week with an average 0.2 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.42 percent.