McLEAN, Va. – Average rates on 30-year mortgages fell below 5% for the first time in four months, but still remained above this year's record low, Freddie Mac said last week.
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The average for the benchmark 30-year, fixed-rate loan dipped to 4.94% last week, from 5.04% the week before; while the average for the 15-year, fixed-rate mortgage declined to 4.36%, from 4.46%.
The last time the 30-year rate average less than 5% was the week ending May 28, when it was 4.91%.
Short-term rates also moved lower, with the average for the five-year ARM dipping to 4.42%, from 4.51%; and the average for the one-year ARM slipping to 4.49% last week, from 4.52% the week before.
