Freddie Mac's results of its Primary Mortgage Market Survey® shows that "The record low mortgage rate environment is providing tangible support to the economy at a critical time, as housing continues to propel growth. Strong purchase demand is helping to lift the construction, manufacturing and transportation industries that build new homes and it is also leading to more consumer spending for owners, who are selling or improving their homes. On the refinance front, many consumers are smartly taking advantage of the ability to lower their monthly payment, which means they can spend, save or pay down debt more so than they have in the past."
• 30-year fixed-rate mortgage (FRM) averaged 2.81 percent with an average 0.7 points for the week ending October 29, 2020, down from last month when it averaged 2.90 percent. A year ago, at this time, the 30-year FRM averaged 3.78 percent.
• 15-year FRM this week averaged 2.32 percent with an average 0.6 points, down from last month when it averaged 2.40 percent. A year ago, at this time, the 15-year FRM averaged 3.19 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week with an average 0.3 points, down from last month when it averaged 2.90 percent. A year ago, at this time, the 5-year ARM averaged 3.43 percent.