WASHINGTON – Long-term mortgage rates fell again to record lows this week, according to Freddie Mac.
The average for the 30-year, fixed-rate loan dipped to 3.87% this week, from 3.98% last week; while the average for the 15-year mortgage declined to 3.14%, from 3.24%.
ARM rates were mixed, with the average for the five-year ARM falling to 2.80%, from 2.85% last week; and the average for the one-year ARM rising slightly to 2.76%, from 2.74% last week.
“Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projections,” said Frank Nothaft, chief economist for Freddie Mac. “The Gross Domestic Product rose 2.8% in the final three months of 2011, below the market consensus forecast of 3%, while consumer spending in December was flat.”
