WASHINGTON – Mortgage rates fell this week for the first time in more than a month, with the average rate on 30-year, fixed-rate mortgages falling to 4.8%, according to Freddie Mac.
The average for the 30-year, fixed-rate mortgage dipped from 4.91% last week; while the average for the 15-year, fixed-rate loan slipped to 4.02%, from 4.13%.
ARM rates also declined, with the average for the five-year ARM falling to 3.61%, from 3.78% last week; and the average for the one-year ARM dropping to 3.16%, from 3.25%.
“Low inflation is keeping mortgage rates at bay,” said Frank Nothaft, chief economist for Freddie Mac, who noted that the core consumer price index rose just 0.1% in March, below the market consensus forecast.
![Fed Chairman Jerome Powell said the central bank had previously concluded that asset-based borrowers were able to secure financing elsewhere. Treasury Secretary Steven Mnuchin said “small hotels do not fit into [the Main Street Lending Program] because they already have other indebtedness.”](https://arizent.brightspotcdn.com/dims4/default/28d67cc/2147483647/strip/true/crop/1598x900+1+0/resize/460x259!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.amazonaws.com%2Fb3%2F79%2F3b1db6264efa9eab86e05b296afc%2Fpowell-jerome-mnuchin-steven-bl-092220.png)