Mortgage Rates Dip After Four-Week Climb
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.