Fixed Mortgage Rates Decline for Second Consecutive Week

News Facts 30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.7 point for the week ending October 31, 2013, down from last week when it averaged 4.13 percent. A year ago at this time, the 30-year FRM averaged 3.39 percent. 15-year FRM this week averaged 3.20 percent with an average 0.7 point, down from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 2.70 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.4 point, down from last week when it averaged 3.00 percent. A year ago, the 5-year ARM averaged 2.74 percent. 1-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.4 point, up from last week when it averaged 2.60 percent. At this time last year, the 1-year ARM averaged 2.58 percent. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey. Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac. "Fixed mortgage rates eased further leading up to the Federal Reserve's (Fed) October 30th monetary policy announcement. The Fed saw improvement in economic activity and labor market conditions since it began its asset purchase program, but noted the recovery in the housing market slowed somewhat in recent months and unemployment remains elevated. As a result, there was no policy change which should help sustain low mortgage rates in the near future."

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