WASHINGTON – The Federal Reserve’s latest round of stimulus, announced last week, helped push down mortgage rates again to new lows this week, according to Freddie Mac.
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The average for the benchmark 30-year loan fell to 3.40%, from 3.49% last week; while the average for the 15-year, fixed-rate mortgage declined to 2.73%, from 2.77%.
ARM rates also fell to all-time lows, with the average for the five-year ARM dropping to 2.71%, from 2.76%; and the average for the one-year ARM slipping to 2.60%, from 2.61%.
“Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve’s purchases of mortgage securities, and should support an already improving housing market,” said Frank Nothaft, chief economist for Freddie Mac.
