Mortgage Rates Hit Another All-Time Low
(RTTNews) - Mortgage rates, or interest rates on home loans, dropped again, hitting an another all-time low, according to mortgage provider Freddie Mac (FMCC.OB).
Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 2.81 percent for the week ending October 15, 2020, down from 2.87 percent last week. A year ago at this time, the average rate was 3.69 percent.
The 15-year FRM this week averaged 2.35 percent, down from 2.37 percent last week. A year ago at this time, the 15-year FRM averaged 3.15 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.90 percent, slight up from 2.89 percent last week. It was 3.35 percent a year ago.
"Low mortgage rates have become a regular occurrence in the current environment," said Sam Khater, Freddie Mac's Chief Economist. "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."
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