Mortgage rates have dropped to the lowest rate since June, mortgage-buyer Freddie Mac said Thursday. The 30-year fixed-rate mortgage averaged 4.13% in the week ending Oct. 24, down from 4.28% last week. The 15-year fixer fell to 3.24% from 3.33%, the 5-year Treasury-indexed hybrid adjustable-rate mortgage fell to 3% from 3.07%, and the 1-year Treasury-indexed ARM averaged 2.6%, down from 2.63%. “Mortgage rates slid this week as the partial government shutdown led to market speculation that the Federal Reserve will not alter its bond purchases this year. The weak employment report for September added to this expectation,” said Frank Nothaft, chief economist, in a statement.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”