WASHINGTON – Long-term mortgage rates dipped this week, after rising the prior week, with the average for the benchmark 30-year loan again declining below 5%, according to Freddie Mac.
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The average for the 30-year, fixed-rate mortgage declined to 4.97% this week, from 5.05% last week; while the average for the 15-year, fixed-rate loan slipped to 4.33%, from 4.40%.
Short-term rates were mixed, with the average for the five-year ARM moving up to 4.16%, from 4.12% last week; and the average for the one-year ARM falling to 4.23%, from 4.15% last week.
