The average home loan rate continued at an affordable level during late October, as levels rose slightly compared to a week earlier.
Mortgage records showed the 30-year fixed-rate mortgage averaged 3.41 percent during the week ending October 25, slightly higher than the previous average of 3.37 percent, according to Freddie Mac's Primary Mortgage Market Survey. Meanwhile, 15-year fixed-rate mortgages averaged 2.72 percent, up from the previous week's 2.66 percent.
"Mortgage rates remained relatively unchanged this week and should continue to support the housing market and mortgage refinance," said Frank Nothaft, vice president and chief economist for Freddie Mac. "Existing home sales in September eased slightly to 4.75 million but was the second strongest annualized pace since May 2010."
The report added the average five-year Treasury-indexed hybrid adjustable-rate mortgage was 2.75 percent, unchanged from the previous week's real estate records.
Despite the still-low rates, total mortgage applications dropped 12 percent during the week ending October 19 from the previous seven-day period.