Mortgage Rates Descend To Lowest Level This Year
WASHINGTON – Mortgage rates declined this week for the fourth week in a row, to their lowest point since December, according to Freddie Mac.
The average for the benchmark 30-year loan fell to 4.63% this week, from 4.71% last week; while the average for the 15-year, fixed-rate mortgage dipped to 3.82%, from 3.89%.
ARM rates also moved lower, with the average for the five-year ARM declining to 3.41%, from 3.47% last week; and the average for the one-year ARM moving to 3.11%, from 3.14%.
"Distressed homes are suppressing house prices in many local areas. The National Association of Realtors reported these homes sold at a 20% discount in the first quarter of this year and accounted for 39% of all existing home sales,” said Frank Nothaft, chief economist for Freddie Mac.