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Douglas Zeller's Blog

By Douglas Zeller | Broker in El Dorado County, CA

Mortgage Rates Back Near All-Time Lows

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

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