McLEAN, Va. – Home loan rates continued to fall again this week, boosting lending activity, according to Freddie Mac.
The average for the 30-year, fixed-rate mortgage dipped to 4.91% this week, from 4.98% last week; while the average for the 15-year, fixed-rate loan fell to 4.36%, from 4.40%.
Short-term rates also declined, with the average for the five-year ARM moving to 4.29%, from 4.35% last week; and the average for the one-year ARM inching down to 4.46%, from 4.47%.
"Mortgage rates eased further over the week, helping to promote an affordable home-purchase market and stimulate refinance. This comes at a time when house price declines are moderating and consumer demand for prime mortgages at commercial banks has picked up," said Frank Nothaft, chief economist for Freddie Mac.
