Mortgage Rates Sink Lower This Week - Great Time to Buy or Refinance

Mortgage Rates Sink Lower This Week

DAILY REAL ESTATE NEWS | FRIDAY, OCTOBER 23, 2015

Averages on fixed-rate mortgages dropped lower this week, continuing to provide a benefit to home buyers and refinancers, Freddie Mac reports.

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 22:

• 30-year fixed-rate mortgages: averaged 3.79 percent, with an average 0.6 point, dropping from last week's 3.82 percent average. Last year at this time, 30-year rates averaged 3.92 percent.

• 15-year fixed-rate mortgages: averaged 2.98 percent, with an average 0.5 point, falling from a 3.03 percent average. A year ago, 15-year rates averaged 3.08 percent.

• 5-year hybrid adjustable-rate mortgages: averaged 2.89 percent, with an average 0.4 point, rising from last week's 2.88 percent average. A year ago, 5-year ARMs averaged 2.91 percent.

• 1-year ARMs: averaged 2.62 percent, with an average 0.2 point, rising from 2.54 percent last week. Last year at this time, 1-year ARMs averaged 2.41 percent.