Benchmark Mortgage Rate Inches Upward

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WASHINGTON – Long-term mortgage rates moved slightly higher this week, after falling for the previous three weeks, according to Freddie Mac.

The average for the benchmark 30-year, fixed-rate mortgage rose to 4.74% this week, from 4.71% last week.

The average for the 15-year loan dipped slightly to 4.05%, from 4.08%.

“Mortgage rates were little changed during the holiday week amid reports that inflation remains tame,” said Freddie Chief Economist Frank Nothaft.

ARM rates were mixed, with the average for the five-year ARM dropping to 3.69%, from 3.72%. The five-year hit 3.25% last month, the lowest rate on records dating back to January 2005.

The average for the one-year ARM inched higher to 3.25%, from 3.23%.

 

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