Ignite FB Tracking PixelMortgage Rates Leap, But Buyers Shouldn’t Worry - Dave Hiller
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Mortgage Rates Leap, But Buyers Shouldn’t Worry

by Dave Hiller 10/18/2019

Mortgage Rate October 18 2019

Sorce: Freddie Mac and REALTOR® Magazine

Inspite of the slight uptick in mortgage rates, it is still a great time to buy a home.  As pointed out in the article, today's rates are a percentage point lower than at this time last year.  More than likely mortgage rates will tend to lower through the end of this year into 2020.

The 30-year fixed-rate mortgage jumped 12 basis points from last week, averaging 3.69%, Freddie Mac reports. That’s no reason for home shoppers to get nervous: Economists largely predict mortgage rates will dip in the weeks ahead. Also, rates are still more than a percentage point lower than a year ago.

“Despite this week’s uptick in mortgage rates, the housing market remains on the upswing, with improvement in construction and home sales,” says Sam Khater, Freddie Mac’s chief economist. “While there has been a material weakness in manufacturing and consistent trade uncertainty, other economic trends like employment and homebuilder sentiment are encouraging.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 17:

  • 30-year fixed-rate mortgages: averaged 3.69%, with an average 0.6 point, rising from last week’s 3.57% average. Last year at this time, 30-year rates averaged 4.85%.
  • 15-year fixed-rate mortgages: averaged 3.15%, with an average 0.5 point, rising from a 3.05% average last week. A year ago, 15-year rates averaged 4.26%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.35%, with an average 0.4 point, unchanged from last week. A year ago, 5-year ARMs averaged 4.10%.
Source: 
About the Author
Author

Dave Hiller

SRS, GRI, SRES®

HOWNW.com Certified Specialist

Core, REALTORS®

License No. 201226626

Oregon Licensed Broker

Hi, I'm Dave Hiller and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.