Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Mortgage rates slip to 5.94%

Rates on 30-year fixed mortgages were down for the first time in three weeks, as loan applications grew slightly.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Lara Moscrip, CNNMoney.com contributing writer

What will it take to get global markets back on track?
  • A bigger, coordinated rate cut by central banks
  • Regulatory changes
  • Another stimulus package
  • Time
Mortgage Rates
30 yr fixed 3.87%
15 yr fixed 3.17%
5/1 ARM 3.59%
30 yr refi 3.90%
15 yr refi 3.16%

Find personalized rates:

Rates provided by Bankrate.com.

NEW YORK (CNNMoney.com) -- Rates on 30-year mortgages fell from last week, while loan applications grew slightly in the face of turbulence in the banking and finance sectors.

Mortgage finance firm Freddie Mac (FRE, Fortune 500) reported Thursday that 30-year fixed-rate mortgages averaged 5.94% this week. That's down from 6.10% last week and well below 6.40%, where the rate stood a year ago.

"Longer-term mortgage rates fell for the first time in three weeks, roughly following bond market yields," said Frank Nothaft, Freddie Mac vice president and chief economist.

Meanwhile, mortgage applications for home purchases and refinancing grew slightly over the week ending Oct. 3, reversing a two-week decline, according to data from the Mortgage Bankers Association.

Rates on 15-year fixed-rate mortgages fell to 5.63%, from 5.78% last week. A year ago, that rate was 6.06%

The five-year adjustable-rate mortgage fell to 5.90%, down from last week at 6.00%. A year ago, the rate was 6.12%.

The rate on a one-year adjustable-rate mortgage increased slightly to 5.15%, compared to 5.12% last week. At this time last year, the rate was 5.73%.

In September, the government took control of the mortgage giants Fannie Mae (FNM, Fortune 500) and Freddie Mac with a rescue plan that could inject $200 billion into them to keep them afloat.  To top of page

Find mortgage rates in your area

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
8 cool things cars of the future will do The coolest features that tease the future of driving, from windshield projections to never needing to park again. More
The best gadget gifts for 2017 A holiday gift guide for anyone who wants to spread some techie joy. More
14 awesome toys for the holiday wish list From a DIY Star Wars Droid to a new Hatchimals toy and interactive Fingerlings, these products are worthy of a coveted spot on holiday wish lists. More