WASHINGTON – The benchmark 30-year mortgage rate slipped below 5% this week for the first time since mid-December, according to Freddie Mac.
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The average for the 30-year, fixed-rate loan declined to 4.99% this week, from 5.06% last week; while the average for the 15-year, fixed-rate mortgage fell to 4.40%, from 4.45%.
ARM rates also moved lower, with the average for the five-year ARM dipping to 4.27%, form 4.32%; and the average for the one-year ARM falling to 4.32%, from 4.39% last week.
"Fixed mortgage rates followed bond yields lower for the third consecutive week, pushing 30-year mortgages below 5% once more," said Frank Nothaft, chief economist for Freddie Mac.
