Data released last Thursday by Freddie Mac showed that average fixed mortgage rates changed little for the week, despite the ongoing debate over the debt ceiling and a number of economic data releases.
“Of the few releases, the private sector added an estimated 166,000 jobs in September, which were fewer than the market consensus and followed a downward revision of 17,000 workers in August, according to the ADP Research Institute,” Freddie Mac Chief Economist Frank Nothaft said. “The Institute for Supply Management reported a greater slowing in growth in the nonmanufacturing industry in September than the market consensus forecast.”
The 30-year FRM averaged 4.23 percent, an increase from 4.22 percent last week and 3.39 percent last year. The 15-year FRM averaged 3.31 percent, up from last week’s 3.29 percent and 2.7 percent last year. Both are at their lowest rate averages since last July, according to the Las Vegas Sun.
The five-year adjustable-rate mortgage averaged 3.05 percent, compared to 3.03 percent last week and 2.73 percent last year. The one-year ARM averaged 2.64 percent, up from 2.63 percent last week and 2.59 percent last year.
Mortgage rates began their descent last month after the Federal Reserve opted to maintain its bond-purchasing program at $85 billion per month as part of an effort to keep long-term interest rates low, Las Vegas Sun reports.