The Washington Post's Kathy Orton reports that mortgage rates are declining for the third week in a row, according to data released yesterday by Freddie Mac.
The 30-year fixed-rate average has slipped to 3.93% from 3.95% last week. The 15-year fixed-rate average, which was at 3.18% last week, ticked down to 3.16%. One year ago, that rate charted 3.1%. For hybrid adjustable mortgage rates, the results were mixed. While the 5-year ARM average dropped from 3.01% to 2.99%, the one-year ARM average rose from 2.59% to 2.61%.
“Treasury yields ticked down 3 basis points after weak manufacturing data,” Sean Becketti, Freddie Mac chief economist, said in a statement. “After the survey [of mortgage lenders by Freddie Mac] closed, [Federal Reserve Chair Janet] Yellen implied that the economy is ready for a rate hike in December. However, all eyes remain on this Friday’s jobs report, the last significant release prior to the [Federal Open Market Committee’s] meeting.”