Mortgage Rates Fall to Record Lows

By Trey Thoelcke Published Oct 4, 10:34AM EDT

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Freddie Mac said today that mortgage rates fell to record lows for the second week in a row.

The 30-year fixed-rate mortgage averaged 3.36%, with an average 0.6 point for the week ended Oct. 4, down from 3.40%. The 15-year fixed-rate mortgage averaged 2.69%, with an average 0.5 point, down from 2.73%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.72%, up from 2.71%, while the one-year Treasury-indexed ARM averaged 2.57%, down from 2.60%.

Freddie Mac said data indicating a weakening economy and Federal Reserve purchases of mortgage securities drove the move.

The Mortgage Bankers Association said yesterday in its weekly report on mortgage applications that average contract interest rate for a conforming 30-year fixed-rate mortgage fell slightly from 3.63% to 3.53%. The rate for a jumbo 30-year fixed-rate mortgage also fell, from 3.87% to 3.82%. The average interest rate for a 15-year fixed-rate mortgage decreased from 2.98% to 2.90%. And the contract interest rate for a 5/1 adjustable rate mortgage fell from 2.61% to 2.59%.

The group reported an increase of 16.6% in its seasonally adjusted composite index, compared with last week’s total, bring mortgage applications to a three-year high.

About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.