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The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

European Financial Worries Push Mortgage Rates to 16-Month Low

Long-term mortgage interest rates plummeted to their lowest point in 16 months, falling below 4.0 percent for the first time this year, according to data from mortgage giant Freddie Mac. The average rate on a 30-year conventional fixed rate mortgage sank to 3.97 percent, excluding fees, during the week ended October 16, 2014. That’s down from 4.12 percent the week before and down from 4.28 percent the year before. That is the lowest the 30-year rate has been since the week of June 20, 2013. “Mortgage rates were down sharply following the decline in the 10-year Treasury yield for the second straight week,” said Freddie Mac vice president and chief economist Frank Nothaft in a statement. “Rates are at their lowest levels since June 2013 amidst continued investor skepticism regarding the precarious economic situation in Europe.” Investors were specifically troubled by reports this week from Germany and China showing weaker-than-expected financial progress. That information, combined with fears about the spread of the Ebola virus and the turmoil in the Middle East caused investor to pull out of the stock market and flee to the safety of Treasury bonds. Other interest rates fell as well this week. The 15-year fixed rate mortgage carried an average rate of 3.18 percent, down from 3.30 percent the week before and 3.33 percent the previous year. The one-year adjustable rate mortgage average fell to 2.38 percent from 2.42 percent last week and down from 2.63 percent one year ago. The downward tumble in mortgage rates is great news for homebuyers and those looking to refinance. While troubles and financial woes abound internationally, fundamentals at home have not changed much, making it a great time to get into the housing market at near-rock bottom rates again. more

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Mortgage Rates by Product

Select the mortgage product below to view the rates in your area, or click on the graph icon to see how rates have fluctuated over a 30 day period.

PRODUCT RATE POINTS APR CHANGE TREND
30 Year Fixed 4.03% 0.00 4.10% 0.032% CA 30 Year Fixed Rate Trend
15 Year Fixed 3.16% 0.00 3.29% -0.018% CA 15 Year Fixed Rate Trend
3/1 ARM 2.79% 0.00 2.83% 0.003% CA 3/1 ARM Rate Trend
5/1 ARM 2.94% 0.00 2.98% 0.002% CA 5/1 ARM Rate Trend
7/1 ARM 3.23% 0.00 3.27% 0.043% CA 7/1 ARM Rate Trend
10/1 ARM 3.63% 0.00 3.68% 0.042% CA 10/1 ARM Rate Trend
Home Equity Loan - 10 Year 6.25% 0.00 0.00% -0.005% CA Home Equity Loan - 10 Year Rate Trend
Home Equity Line of Credit 4.49% 0.00 0.00% -0.040% CA Home Equity Line of Credit Rate Trend
Home Equity Loan - 15 Year 6.41% 0.00 0.00% 0.001% CA Home Equity Loan - 15 Year Rate Trend