Current Mortgage Rates Roundup for October 1, 2015

Ditto for the 15-year, improving 1 basis point, landing at 3.07 percent, compared to last week’s 3.08 percent. The highest average rate on the 30-year FRM was measured in the Southwest region this week, where this fixed conventional mortgage came out at a rate of 3.90% with 0.5 discount points.

“In contrast to the volatility in equity markets, the 10-year Treasury rate-a key driver of mortgage rates-varied just a little more than 10 basis points over the last week”.

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days.

Typically, the pre-payment penalty charged by the big banks for ending a fixed-rate mortgage early is the greater of three months interest or interest for the remainder of the term on the remaining balance calculated using the difference between your interest rate and the bank’s posted rate.

Despite the low mortgage rates, fewer Americans signed contracts to buy homes in August, as pending sales slumped amid broader concerns about the USA stock market and global economy.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. A year ago at this time, the 15-year FRM averaged 3.36 percent. The 7 year Adjustable Rate Mortgages are being offered for 3.21% now with an April of 3.269%. The average rate on one-year ARMs was unchanged at 2.53 percent; the fee remained at 0.2 point. The consensus expectation was for a reading of 271,000. Construction spending has been increasing for nine straight months now. On the other hand, if you like gambing that mortgage rates will fall after the release of the NFP data, you can always do it, but only float if you can afford to be wrong.