US Mortgage Rates Inch Lower in the Week Ending October 16
Mortgage Rates Decrease
On Thursday, Freddie Mac released its Primary Mortgage Market Survey for the week ending Thursday, October 16.
The 30-year fixed-rate mortgage averaged 6.27%, down from 6.30% in the previous week. A year ago at this time, the 30-year rate averaged 6.44%.
The 15-year fixed-rate mortgage averaged 5.52%, down from 5.53% last week. A year ago at this time, the 15-year rate averaged 5.63%.
Commenting on this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates inched down this week and have held relatively steady over the past several weeks. Importantly, homeowners have noticed these consistently lower rates, driving an uptick in refinance activity. Combined with increased housing inventory and slower house price growth, these rates also are creating a more favorable environment for those looking to buy a home.”
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