McLEAN, Va. – Long-term mortgage rates slipped slightly this week near record lows reached this spring, according to Freddie Mac.
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The average for the 30-year, fixed-rate mortgage dipped to 5.07% this week, from 5.08% last week; while the average for the 15-year, fixed-rate loan fell to 4.50%, from 4.54%.
ARM rates were mixed, with the average for the five-year ARM also declining, to 4.51%, from 4.59% last week; but the average for the one-year ARM rising slightly, to 4.64%, from 4.62%.
"Mortgage rates remained historically low over the past two weeks, keeping housing very affordable," said Frank Nothaft, chief economist for Freddie Mac.
