The names: Mortgage rates stalled after marching towards 7% this week as the economic outlook looked uncertain.
The 30-year fixed-rate mortgage averaged 6.66% as of October 6, according to data released Thursday by Freddie Mac.
This is a 4 basis point drop from the previous week: one basis point equals one hundredth of a percentage point or 1% of 1%.
Last week, the 30-year-old was at 6.7%.
It’s worth noting that Mortgage News Daily, which tracks mortgage rates every day, finds 30 years to be at 6.95%.
Although rates have fallen according to Freddie Mac – albeit slightly – overall, mortgage rates are still high from where they were a year ago.
““Rates remain quite high compared to just a year ago, which means housing continues to be expensive for potential buyers.”“
Last year, the 30-year-old averaged 2.99%.
“Rates remain quite high from a year ago,” Freddie Mac chief economist Sam Khater said in a statement, “which means housing continues to be expensive for potential buyers.”
The average 15-year mortgage rate also dropped slightly to 5.9% in October
The variable rate mortgage, or ARM, averaged 5.36%, up from the previous week. Interest in guns is growing, with the share of guns as a percentage of all home loan applications reaching 12%, the Mortgage Bankers Association said. This is the highest level achieved since 2008.
Overall, mortgage applications have dropped significantly in the past week as buyers pulled out due to higher rates and also due to hurricane-induced closures in Florida.
The 10-year Treasury bond yield TMUBMUSD10Y,
3.824%
it rose to 3.8% in Thursday morning trading.
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