WASHINGTON – Long-term rates for home loans dipped again this week near new record lows, as the market waited for the Federal Reserve to act on rates, according to Freddie Mac.
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The average for the 30-year, fixed-rate loan slipped to 3.88% this week, from 3.90% last week; while the average for the 15-year mortgage declined to 3.12%, from 3.13%.
ARM rates were mixed, with the average for the one-year ARM falling to 2.74%, from 2.81%; and the average for the five-year ARM rising to 2.85%, from 2.78% last week.
“Fixed mortgage rates held near record lows this week as the markets waited for the Federal Reserve’s April 25 monetary policy announcement following two days of deliberations,” said Frank Nothaft, chief economist for Freddie Mac.
