Freddie Mac Weekly PMMS – 30 Year Rates Average 3.85%

Freddie Mac's Primary Mortgage Market Survey week ending October 1, 2015:

• 30-year FRM 3.85 percent with an average 0.6 point, down from last week's average of 3.86 percent.

• 15-year FRM 3.07 percent with an average 0.7 point, down from last week's average of 3.08 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent with an average 0.4 point, unchanged from last week.

• 1-year Treasury-indexed ARM averaged 2.53 percent with an average 0.2 point, unchanged from last week.

Following quote is from Sean Becketti, chief economist, Freddie Mac

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. As a result, the 30-year mortgage rate remained virtually unchanged, dropping 1 basis point to 3.85 percent. This marks the tenth consecutive week of a sub-4-percent mortgage rate. Despite persistently low mortgage rates, the pending home sales index dropped 1.4 percent in August, suggesting possible tempering in existing home sales in September.