Mortgage Rates Dip Again
WASHINGTON – Mortgage rates declined again this week, for the fifth week in a row, to their lowest level this year, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan was 4.61% this week, down from 4.63% last week; while the average for the 15-year mortgage was 3.80%, down from 3.82%.
ARM rates inched up, with the average for the five-year ARM rising to 3.48%, from 3.41% last week; and the average for the one-year ARM moving to 3.15%, from 3.11%.
Freddie Mac Chief Economist Frank Nothaft said fixed rates were falling slightly as financial markets were trying to judge the strength of the economy.