Mortgage rates stabilize ahead of Fed meeting Mortgage markets wait for next Fed meeting for direction; 30-year averages 6.36 percent. NEW YORK (CNNMoney.com) -- Mortgage rates stabilized after last week's gain, according to a survey released Thursday. The 30-year fixed-rate mortgage (FRM) averaged 6.36 percent for the week ending Oct. 19, down slightly from 6.37 percent, according to Freddie Mac's (Charts) Primary Mortgage Market Survey. A year ago, the 30-year FRM averaged 6.10 percent.
The 15-year FRM averaged 6.06 percent this week, unchanged from last week. A year ago, it averaged 5.65 percent. Rates for five-year adjustable-rate mortgages (ARMs) came in at 6.11 percent this week, up slightly from 6.10 percent last week. A year ago, they averaged 5.59 percent. One-year ARMs averaged 5.57 percent, up slightly from 5.56 percent last week. A year ago, the one-year ARM averaged 4.89 percent. "Mortgage rates didn't move much either way this week as the markets wait for the next scheduled FOMC meeting," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement. "General consensus leans heavily toward the notion that the Fed will not raise rates at that meeting, taking upward pressure off mortgage rates this week. "A rate change in either direction would impact short-term rates more directly, but what the Fed says in its statement can have an impact on long-term rates." Freddie Mac competes on the secondary market with Citigroup (Charts), Countrywide Financial (Charts) and Fannie Mae (Charts). Beware the mortgage time-bomb That ridiculously low-rate ARM seemed like such a good idea at the time. But now, payments will be coming due in a big, big way. Realtors: Home sales weaker, prices lower Trade group expects 1.6 percent rise in median prices, a smaller increase than forecast last month. |
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