McLEAN, Va. – Long-term mortgage rates continued to climb this week, according to Freddie Mac.
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The average for the 30-year, fixed-rate loan rose slightly to 5.88% this week, from 5.85% last week; while the average for the 15-year, fixed-rate mortgage increased to 5.42%, from 5.34%.
ARM rates moved lower, as the average for the five-year ARM declined to 5.59%, from 5.67% last week; and the average for the one-year ARM dipped to 5.19%, from 5.24%.
“While prime, conforming rates still remain at historically low levels, long-term mortgage rates did drift slightly upwards this week on signs that the economy may have a little more strength than what financial markets forecasted," said Frank Nothaft, chief economist for Freddie Mac.
