VIRGINIA — The 30-year fixed-rate mortgage averaged 5.94% with an average 0.6 point for the week ending Oct. 9, down from last week when it averaged 6.10 percent, according to Freddie Mac's Primary Mortgage Market Survey. Last year at this time, the 30-year fixed-rate mortgage averaged 6.40 percent.
The 15-year fixed-rate mortgage this week averaged 5.63% with an average 0.6 point, down from last week when it averaged 5.78%. A year ago at this time, the 15-year fixed-rate mortgage averaged 6.06%.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.90% this week, with an average 0.6 point, down from last week when it averaged 6.00%. A year ago, the 5-year ARM averaged 6.12%.
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One-year Treasury-indexed ARMs averaged 5.15% this week with an average 0.6 point, up from last week when it averaged 5.12%. At this time last year, the 1-year ARM averaged 5.73%.
Fifty-three of the 100 mortgage bankers, brokers and other industry experts surveyed by Bankrate.com for the week of Oct. 9 to Oct. 15 believe mortgage rates will fall over the next 35 to 45 days. Forty-one think rates will rise and the rest believe rates will remain unchanged.
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