McLEAN, Va. – Long-term mortgage rates dropped this week, after surging to year-long highs last week, according to Freddie Mac.
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The average for the 30-year, fixed-rate loan fell to 6.04% this week, from 6.46% last week; while the average for the 15-year, fixed-rate mortgage declined to 5.72%, from 6.14%.
Rates last week surged last week by more than 50% basis point, amid huge turmoil in the financial markets.
ARM rates were mixed this week, with the average for the five-year ARM dipping slightly to 6.06%, from 6.14% last week; but the average for the one-year ARM rising to 5.23%, from 5.16%.
"Long-term mortgage rates fell this week amid news of tame inflation and a weaker housing market," said Frank Nothaft, chief economist for Freddie Mac.
