TOL - Mortgage rates inch down marginally amid financial market uncertainties

30-year fixed-rate mortgage averaged 2.99% for the week ending Oct. 7, inching down from 3.01% in prior week and above from 2.87% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey. "Unfortunately, with the expectation that both mortgage rates and home prices will continue to rise, competition remains high and housing affordability is declining," chief economist Sam Khater commented. 15-year FRM averages 2.23% up from last week when it averaged 2.15% and down from 2.36% a year ago. 5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.52%, up from 2.48% in prior week, and lower from 2.89% a year ago. Separately, a Redfin report indicated that average homebuyer's monthly mortgage payment rose $50 over the last six weeks while sellers' median asking price increased 12% Y/Y to a new record-high and mortgage rates surpassed 3%. "For now, mortgage rates are still hovering near 3% and demand

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Mortgage rates inch down marginally amid financial market uncertainties