McLEAN, Va. – Short-term mortgage rates declined markedly this week, while long-term rates held at three-month highs, according to Freddie Mac.
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The average for the five-year ARM fell to 5.51%, from 5.62%; and the average for the one-year ARM declined all the way to 5.06%, from 5.22% last week.
Long-term mortgage rates were almost unchanged this week, with the average for the 30-year, fixed-rate loan rising to 6.09%, from 6.08% last week; the average for the 15-year, fixed-rate mortgage tipping down slightly to 5.65%, from 5.66%.
