McLEAN, Va. – Rates on 30-year mortgages dipped below 6% this week, falling to their lowest level in five weeks, according to Freddie Mac.
The average rate for the 30-year, fixed-rate loan dipped to 5.98% this week, from 6.01% last week; while the average for the 15-year, fixed-rate mortgage fell to 5.55%, from 5.60%.
ARM rates moved slightly higher, with the average for the five-year ARM rising to 5.61%, from 5.57%; and the average for the one-year ARM moving to 5.24%, from 5.18%.
“Interest rates for fixed-rate mortgages fell slightly this week on news of both weaker industrial production in April and consumer sentiment falling in May to its lowest level since June 1980," said Frank Nothaft, chief economist for Freddie Mac.
“ARM rates, however, rose slightly on market forecasts that the Federal Reserve may not pursue any more rate cuts over the near term,” Nothaft said.
