WASHINGTON – Average rates on 30-year fixed mortgages fell slightly this week, dipping below 5% again, according to Freddie Mac.
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The average for the benchmark mortgage dipped to 4.97% this week, from 5.01% last week; while the average for the 15-year mortgage fell to 4.34%, from 4.40%.
ARM rates were mixed, with the average for the five-year ARM also declining to 4.19%, from 4.27% last week; and the average for the one-year ARM rising to 4.33%, from 4.22%.
"Interest rates on 30-year fixed-rate mortgages are below 5% for a third week this year, which helps a number of homeowners to refinance their existing housing debt," said Frank Nothaft, chief economist for Freddie Mac.
