30-year fixed-rate mortgage averages 2.80% for the week ending Oct. 22, down from 2.181% in the previous week and 3.75% a year ago, according to the Freddie Mac Primary Mortgage Market Survey.
That means the housing market isn't likely to cool down anytime soon. In the September existing home sales report by the National Association of Realtors, total housing inventory of 2.7 months at the current sales place represents an all-time low.
"Mortgage rates remain very low, providing homeowners who have not already taken advantage of this environment ample opportunity to do so," said Freddie Chief Economist Sam Khater.
15-year FRM averages 2.33% vs. 2.35% in the previous week and 3.18% a year ago.
5-year Treasury-indexed hybrid adjustable rate mortgage averages 2.87% vs. 2.90% a week earlier and 3.40% a year ago.
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