McLEAN, Va. – Long-term mortgage rates fell this week, after rising the previous two weeks, according to Freddie Mac.
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The average for the 30-year, fixed-rate loan slipped to 5.16% this week, from 5.25% last week; while the average for the 15-year, fixed-rate mortgage dipped to 4.81%, from 4.92%.
Average rates on five-year ARMs fell slightly to 5.23% from 5.26%; while rates on one-year, ARMs rose slightly to 4.94% from 4.92% last week.
Frank Nothaft, Freddie Mac's chief economist, said interest rates for 30-year fixed-rate mortgages are almost 1.5% points below last year's peak set in late July, "offering many homeowners an incentive to refinance."
