WASHINGTON – Rates for a five-year adjustable-rate mortgage fell for the eighth straight week and hit an all-time low this week, according to Freddie Mac.
The average for the five-year ARM dipped to 2.96% this week, from 3.07% last week; while the average for the one-year ARM dropped to 2.89%, from 2.93%.
Long-term rates also remained near record lows, with the average for the 30-year loan holding steady at 4.22%; and the average for the 15-year mortgage falling to 3.39%, from 3.44% last week.
“Weaker economic data reports eased upward pressure on mortgage rates this week and kept them at or near all-time record lows,” said Frank Nothaft, chief economist for Freddie Mac. “The economy grew at a slower rate of 1% in the second quarter than was originally reported due to a smaller increase in inventories and fewer exports.”
