Freddie Mac Mortgage Market Survey Update- Oct 29

October 29th, 2014 2:06 PM

Freddie Mac reported Oct. 23 in its weekly Primary Mortgage Market Survey that average fixed mortgage rates hit new yearly lows during the past week, reaching levels not seen since June 2013,

The 30-year fixed-rate mortgage fell 0.05 points to 3.92 percent (down from 4.13 percent a year ago). The 15-year fixed-rate mortgage dropped 0.10 points to 3.08 percent (down from 3.24 a year ago). 

The one-year adjustable-rate increased 0.03 points to 2.41 percent (down from 2.60 a year ago). The five-year Treasury-indexed rate fell 0.01 points to 2.91 percent (down from 3.00 percent a year ago). 

Fixed mortgage rates continued to fall after the yield on 10-year Treasuries dropped to their lowest point of the year while existing home sales beat expectations in September clocking in at an annual rate of 5.17 million units, up 2.4 percent from August, said Frank Nothaft, Freddie Mac vice president and chief economist. Housing starts were up 6.3 percent in September, adding a seasonally adjusted annual rate of 1.017 million units. Building permits rose 1.5 percent to a seasonally adjusted annual rate of 1.018 million units in September.

View Freddie Mac’s weekly Primary Mortgage Market Survey.