Fixed mortgage interest rates were up as of the October 17 Freddie Mac data.
The 30-year fixed rate was up 12 basis points to 3.69% after 3.57% in the prior week. For October to-date, the rate averaged 3.63%, slightly above the 3.61% in September.
The 15-year fixed rate was up 10 basis points to 3.15% after 3.05% in the prior week. For October to-date, the rate averaged 3.10% compared to 3.12% in September.
The rate for a 5/1-year ARM was unchanged from the prior week at 3.35%. For October to-date, it is below the 3.38% of September.
In spite of some week-to-week variation as long term rates react to market developments, mortgage rates have not changed much since August. These are still roughly at three-year lows and at levels that can tempt first-time buyers into the housing market, current owners into trading up or down depending on their needs, and holders of higher rate mortgages to refinance.
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