Yesterday’s decision by the Federal Reserve’s Open Markets Committee to not change the federal funds rate, perhaps for some time, confirmed market expectations that there would be no increase this month. As a result, average fixed mortgage rates fell slightly in Freddie Mac’s Primary Mortgage Market Survey.
"Treasury yields oscillated without a clear direction heading into the October Fed meeting, as investors were confident there would be no rate increase. The 30-year mortgage rate was little changed, declining just 3 basis points to 3.76 percent this week. While the Fed left rates unchanged at this meeting, they kept a December rate hike as an option, causing Treasuries to sell off in the latter part of the day after our survey closed," said Sean Becketti, Freddie Mac’s chief economist.
- 30-year fixed-rate mortgage (FRM) averaged 3.76 percent with an average 0.6 point for the week ending Oct. 29, 2015, down from last week when it averaged 3.79 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent.
- 15-year FRM this week averaged 2.98 percent with an average 0.6 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.13 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent this week with an average 0.4 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.94 percent.
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