Rates ticked down a bit to another all-time low in the past week – the 11th record low hit this year.

For the week ending October 22, Freddie Mac announced that 30-year fixed rates fell to 2.80% from 2.81% the week before. The average for 15-year loans decreased to 2.33% and the average for five-year ARMs fell to 2.87%. A year ago, 30-year fixed rates averaged 3.75%, more than .75% higher than today. "Low interest rates have become a regular occurrence in the current environment. As we hit yet another record low, the tenth record this year, many people are benefitting as refinance activity remains strong. However, it's important to remember that not all people are able to take advantage of low rates given the effects of the pandemic," 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 23, 2020