Avg Mortgage RateAverage mortgage interest rate
"Whilst the residential property sector has weakened significantly in response to the increase in mortgage interest levels, the economic and consumers' confidence remains very strong, which will support buying power, particularly in accessible marketplaces and neighbourhoods". Mortgages kept yielding this past weekend despite the turmoil on the exchange that resulted in their third-largest quarterly drop since the subprime mortgage crises, Aaron Terrazas, Zillow's chief economist, said when the firm published its own interest rate trackers on October 17.
"Most of the bonds market has seen through this transient instability, which has not yet spread to long-term interest Rates. Ratings have remained at their highest level since 2011 and show few indications of decline," Terrazas said. Its 30-year fixed-rate mortgage was an average of 4.85% for the weekend at the end of October 18, compared with last weekend when it was an average of 4.9%, the Freddie Mac poll found.
One year ago at this point in the year, the 30-year fixed-rate mortgage stood at an annual mean of 3.88%. 15-year fixed-rate mortgage this weekend averages 4.26%, compared to last week's averaging 4.29%. One year ago at that point in the year, the 15-year fixed-rate mortgage stood at an annual rate of 3.19% on 24 June. This five-year Treasury-indexed floating rate hybride mortgage was 4.1% on 3.3 points on 3.1% on 3.1%, compared to 4.07% last weekend.
One year ago at that point in the year, the five-year floating rate mortgage was 3.17% on average. "So far, a constant flow of poor residential property figures, which is more strongly anticipated in the next few weeks, has not impaired the upwards dynamics of interest rate levels. Except for residential, there are no important macroeconomic figures planned for the next seven trading days, so interest is likely to remain stable," Terrazas said.