The 15-year fixed-rate mortgage: Averaged 3.64 percent with an average 0.7 point , up from last week when it averaged 3.62 percent. A year ago at this time, the 15-year FRM averaged 4.43 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.45 percent this week, with an average 0.6 point , down from last week when it averaged 3.47 percent. A year ago, the 5-year ARM averaged 4.40 percent. The 5-year ARM has not been lower since Freddie Mac started tracking it in January 2005.
One-year Treasury-indexed ARMs: Aeraged 3.30 percent this week with an average 0.7 point, down from last week when it averaged 3.43 percent. At this time last year, the 1-year ARM averaged 4.54 percent. The 1-year ARM has not been lower since Freddie Mac started tracking it in January 1984.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
- Mixed inflation signals kept fixed mortgage rates at bay this week. The headline producer price index jumped 0.4 percent between August and September, which was quadruple the market consensus, while the consumer price index fell below the market forecast. Rates on the traditional 1 year and 5 year hybrid ARMs eased to all time record lows.
- Meanwhile, the housing construction market is showing some signs of promise. New construction on one family homes rose 4.4 percent in September to the strongest pace since May. In addition, homebuilder confidence rose in October to the strongest level since June, according to the NAHB/Wells Fargo Housing Market Index .