Mortgage rates increased for the third straight week — but still remain very low compared to a year ago.
The 30-year fixed-rate mortgage averaged 3.75% during the week ending Oct. 24, up six basis points from the previous week,
The 15-year fixed-rate mortgage increased three basis points to an average of 3.18%. The 5/1 adjustable-rate mortgage averaged 3.4%, up five basis points from a week ago.
Mortgage rates roughly track the direction of the 10-year Treasury note, the yield on which has roughly stayed the same over the past week.
The outlook for a favorable resolution to the trade dispute between the U.S. and China is still unclear, introducing some volatility into financial markets and the benchmark 10-year Treasury yield. Mortgage rates are following suit at near historic lows, while mortgage applications to purchase a home remain higher year over year.
Even though mortgage rates have risen from the 2019 low recorded at the beginning of September, they remain more than a full percentage point below where they were at this point last year. That’s helped those home buyers who may have struggled to meet the repayment requirements.
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Ryan Christensen
Responsive, Responsible and Resourceful - How Real Estate Should Be. This is the foundation of our continued success: responsive service, providing accurate and timely information, and demystifying the process. 100% of my business is referral based because I listen to my clients' needs and exceed their expectations. As a full-time real estate broker, I am the best advocate for both my buyers and sellers. I am always available, regardless of the time of day.
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I am both a licensed Real Estate and Mortgage Broker. Others choose to concentrate on one or the other. I provide a higher level of service and expertise than those who do not obtain this dual skill set, which differentiates me from other service providers. My decisions and advice are based solely on what is in the best interest of my clients. I use Real Estate Sales as a tool to make sure my clients get the home that meets or exceeds their needs. As a Mortgage Broker, I search for the best loans so I can offer lower rates and pricing than my financing competition. This certainly IS in the client's best interest.