Mortgage Rates

After several weeks in a row in which mortgage rates inched downward, loan costs skewed a bit higher as October drew to a close. According a recent survey, the average cost of a 30-year fixed-rate mortgage was 6.4 percent with 0.4 points for the week ending Oct. 26. That's up from 6.36 percent the previous week, and 6.15 percent a year ago (to reflect the true cost of a mortgage, borrowers should add the rate and the points as well as other fees together. A point is 1 percent of the loan amount.)

The rate on 15-year fixed loans averaged 6.1 percent as October ended with an average of 0.4 points. That, too, is an increase from 6.06 percent in the proceeding week and 5.69 percent a year earlier.

For one-year Treasury-index adjustable rate mortgages, the average rate was 5.6, up from 5.57 percent the prior week and 4.91 percent a year ago. And for five-year hybrid adjustables, the rate was 6.14 percent, up from 6.11 percent last week and 5.63 percent last year. The average number of points on these loans was 0.7 and 0.6, respectively.

For all your Real Estate needs contact Nolting Real Estate at www.NoltingRealEstate.com and/or 636-391-9997.