Freddie Mac reported mortgage interest rates were not much changed week-over-week as of the October 3 data.
The 30-year fixed rate nudged up 1 basis point to 3.65%, leaving the average for the roughly five-week period of September at 3.61%, down 1 basis point from 3.62% in August.
The 15-year fixed rate was up 2 basis points to 3.14%, a little above the average of 3.12% for September. September was 4 basis points above 3.08% in August.
The 5/1-year ARM rate held at 3.38% week-over-week and was the same as the September average. Compared to the prior month, the rate was up 2 basis point from 3.36% in August.
At present, rates are broadly where they were three years ago. These may be low enough to tempt consumers into committing to a home purchase while affordability is boosted by low rates and more sluggish increases in home prices.
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