Mortgage Rates Snap Their Streak Higher as Fed Chair Auditions Heat Up

Rates for home loans headed lower in the October 19 week, snapping a five-week streak of increases, mortgage provider Freddie Mac said Thursday.

The 30-year fixed-rate mortgage averaged 3.88% during the week, down 3 basis points. The 15-year fixed-rate mortgage averaged 3.19%, down from 3.21%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.17%, up 1 basis point.

Questions about who will replace Janet Yellen at the helm of the Federal Reserve, if the chairwoman herself is not picked for a new term, have buffeted the bond market recently. The benchmark 10-year U.S. Treasury slid 10 basis points during the week.

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