Rates eased in the past week.
For the week ending October 10, Freddie Mac announced that 30-year fixed rates fell to 3.57% from 3.65% the week before. The average for 15-year loans decreased to 3.05% and the average for five-year ARMs moved down to 3.35%. A year ago, 30-year fixed rates averaged 4.90%, more than 1.25% higher than today. "Despite the economic slowdown due to weakening manufacturing and corporate investment, the consumer side of the economy remains on solid ground. The fifty-year low in the unemployment rate combined with low rates on home loans has led to increased homebuyer demand this year. Much of this strength is coming from entry-level buyers – the first-time homebuyer share of the loans Freddie Mac purchased in 2019 is forty-six percent, a two-decade high," said Sam Khater, Chief Economist, Freddie Mac.
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices for Adjustable Rate Mortgages
Updated October 11, 2019
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Daily Value
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Monthly Value
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October 10
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September
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6-month Treasury Security
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1.68%
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1.89%
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1-year Treasury Security
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1.63%
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1.80%
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3-year Treasury Security
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1.49%
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1.59%
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5-year Treasury Security
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1.48%
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1.57%
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10-year Treasury Security
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1.67%
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1.70%
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12-month LIBOR
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2.032% (Sept)
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12-month MTA
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2.327% (Sept)
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11th District Cost of Funds
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1.155% (Aug)
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Prime Rate
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5.00% (Sept)
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