After rising for two weeks, mortgage rates reversed course and declined in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.30% as of Oct. 9, down from last week when it averaged 6.34%. A year ago at this time, it averaged 6.32%.
The 15-year fixed-rate mortgage averaged 5.53%, down from last week when it averaged 5.55%. A year ago at this time, it averaged 5.41%.
“Mortgage rates decreased this week,” said Sam Khater, Freddie Mac’s chief economist. “Over the last few weeks, mortgage rates have settled in at their lowest level in about a year. There is growing evidence that homebuyers are digesting these lower rates and gradually are willing to move forward with buying a home, which is boosting purchase activity.”
