Under signs of a growing economy and low inflation, fixed-rate mortgages inched down this week and are hovering near their record lows, Freddie Mac reports in its weekly mortgage market survey.
Here’s a closer look at average mortgage rates for the week ending Nov. 1:
- 30-year fixed-rate mortgages: averaged 3.39 percent, with an average 0.7 point, dropping from last week’s 3.41 percent average. The record low for the 30-year mortgage, set in recent weeks, was an average of 3.36 percent.
- 15-year fixed-rate mortgages: averaged2.70 percent, with an average 0.7 point, dropping from last week’s 2.72 percent average. The 15-year rates record low average is 2.66 percent, which was set in mid-October.
- 5-year adjustable-rate mortgages: averaged 2.74 percent, with an average 0.6 point, dropping from last week’s 2.75 percent average. A year ago, 5-year ARMs averaged 2.96 percent.
- 1-years ARMs: averaged 2.58 percent, with an average 0.4 point, dropping from last week’s 2.59 percent average. A year ago, 1-year ARMs averaged 2.88 percent.
Source: Freddie Mac