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The 30-year fixed-mortgage fell 8 basis points this week, averaging 3.57%, Freddie Mac reports. The lower rates are drawing out more home buyers in the fall market.
“Despite the economic slowdown due to weakening manufacturing and corporate investment, the consumer side of the economy remains on solid ground,” says Sam Khater, Freddie Mac’s chief economist. “The 50-year low in the unemployment rate combined with low mortgage rates has led to increased home buyer demand this year. Much of this strength is coming from entry-level buyers—the first-time home buyer share of the loans Freddie Mac purchased in 2019 is 46%, a two-decade high.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 10:
- 30-year fixed-rate mortgages: averaged 3.57%, with an average 0.6 point, falling from last week’s 3.65% average. Last year at this time, 30-year rates averaged 4.90%.
- 15-year fixed-rate mortgages: averaged 3.05%, with an average 0.5 point, falling from last week’s 3.14% average. A year ago, 15-year rates averaged 4.29%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.35%, with an average 0.3 point, dropping from last week’s 3.38% average. A year ago, 5-year ARMs averaged 4.07%.
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