logo
Plus   Neg
Share
Email

Mortgage Rates Drop

Mortgage rates, or interest rates on home loans, recorded a slight increase from last week, according to mortgage provider Freddie Mac.

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.57 percent for the week ending October 10, 2019, down from last week's 3.65. A year ago at this time, the average rate was 4.90 percent.

The 15-year FRM this week averaged 3.05 percent, down from last week's 3.14 percent. A year ago at this time, the 15-year FRM averaged 4.29 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.35 percent, down from last week's 3.38 percent. It was 4.07 percent a year ago.

"Despite the economic slowdown due to weakening manufacturing and corporate investment, the consumer side of the economy remains on solid ground," said Sam Khater, Freddie Mac's Chief Economist. "The fifty-year low in the unemployment rate combined with low mortgage rates has led to increased homebuyer demand this year. Much of this strength is coming from entry-level buyers - the first-time homebuyer share of the loans Freddie Mac purchased in 2019 is forty-six percent, a two-decade high."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Swiss banking giant UBS Group AG reported lower profit in its third quarter mainly with weak profit in Investment Bank segment and lower net interest income. Looking ahead, the bank noted that geopolitical tensions and trade disputes continue to impact investor confidence. However, positive momentum toward resolving issues would likely improve confidence and the economic outlook. Dunkin' Brands Group said it is rolling out the Beyond Sausage Sandwich to more than 9,000 restaurants nationwide, starting November 6. The sandwich features a plant-based sausage patty from alternative meat maker Beyond Meat. Beyond Meat's breakfast sausage patty is made with plant-based protein and a mix of spices crafted specifically for Dunkin'. Boeing said it understands and regrets the concern caused by the publications of instant messages involving a former test pilot that he "unknowingly" lied to regulators about a flight-control system on the Boeing 737 Max aircraft. The aircraft maker said it especially regrets the difficulties that the release of the messages presented for the U.S. Federal Aviation Administration or FAA.
RELATED NEWS
Follow RTT
>