Mortgage rates drop slightly

Rates ticked down after two consecutive weeks of increases

Mortgage rates drop slightly
Mortgage rates fell during the week ending Oct. 19, with the average 30-year fixed mortgage rate slipping to 3.88%, according to the Primary Mortgage Market Survey released by Freddie Mac.

The average rate for the 30-year fixed-rate mortgage fell from a 3.91% average in the previous period. In the same week a year ago, the 30-year FRM had an average rate of 3.52%.

The average interest rate for the 15-year fixed-rate mortgage was 3.19%, falling from the 3.21% average rate in the prior survey. A year ago, the average rate for the 15-year FRM was 2.79%.

The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.17%, up from 3.16% in the previous period. A year ago, the average rate for the 5-year ARM was 2.85%.

"Rates came down slightly this week, ending a brief, two-week streak of increases,” Freddie Mac Chief Economist Sean Becketti said. “The 10-year Treasury yield dipped six basis points, while the 30-year fixed mortgage rate fell three basis points to 3.88%."

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