Mortgage rates hit another record low

Mortgage rates hit another record low

Mortgage rates hit another record low
For the tenth time this year mortgage rates have fallen to a new record low. According to Freddie Mac’s weekly Primary Mortgage Market Survey, the average rate for a 30-year fixed rate mortgage dropped during the week ending October 15. This is another new low following the previous record hit last month.

“Low mortgage rates have become a regular occurrence in the current environment,” said Sam Khater, chief economist for Freddie Mac. “As we hit yet another low, the tenth record thi s year, many people are benefitting as refinance activity remains strong.”

Refinances are currently up 44 percent above last year’s levels. Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.