McLEAN, Va. – Long-term mortgage rates held steady again this week, while short-rates continued to decline, according to Freddie Mac.
The average for the 30-year, fixed-rate loan remained the same as it was last week, 5.88%, while the average for the 15-year, fixed-rate mortgage dipped slightly, to 5.40% from 5.42%.
The average for the five-year ARM declined for the third straight week, to 5.48%, from 5.56% last week; while the average for the one-year ARM dipped to 5.10%, from 5.18%.
"Interest rates for fixed-rate mortgages held relatively steady for a second week, while ARM rates continued to decline amid market speculation that the Federal Reserve may cut rates again at its upcoming Committee meeting," said Frank Nothaft, chief economist for Freddie Mac.
