Mortgage rates are in flux, with the 30-year fixed-rate mortgage dropping to 3.64% after a gain last week.
September has been the most volatile month for mortgage rates since March, according to Freddie Mac.
The result of its Primary Mortgage Market Survey revealed that the 30-year FRM saw an average weekly movement of 11 basis points. The 30-year FRM was 3.73% last week and 4.72% a year ago.
The 15-year FRM also went down from last week’s 3.21% to 3.16%. In 2018, the 15-year FRM averaged 4.16%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) fell from 3.49% to 3.38%. A year ago at this time, the five-year ARM was 3.97%.
“With both the unemployment rate and mortgage rate below four percent and near historic lows, it is no surprise that the housing market regained momentum with home sales and construction at or near decade highs,” said Sam Khater, chief economist of Freddie Mac. “The fall housing market is poised to continue with steady gains in prices and solid sales activity.”