Average mortgage interest rates saw declines for the week ending October 16th according to the results of Freddie Mac’s Primary Mortgage Market Survey (PMMS). Of note was the historical decline in the 30-year fixed rate mortgage (FRM) interest rate that dropped from 4.12% from the week before to 3.97%. Freddie Mac stated in their blog that this is the first time in 2014 the 30-year FRM interest rate dipped below 4%. The last time the 30-year FRM interest rate averaged this low was on June 20, 2013 when it was 3.39%.
Average interest rates for the 15-year FRM declined to 3.18% compared to 3.30% the previous week. Declines were also observed in the average 5-year and 1-year adjustable-rate mortgage (ARM) interest rates. Read more at http://bit.ly/1r2Xjsl.