Mortgage Rates Ease Again

Register now

WASHINGTON – Mortgage rates declined again this week, for the third straight week, according to Freddie Mac.

The average for the 30-year loan dipped to 4.87%, from 4.95% last week; and the average for the 15-year-mortgage feel to 4.15%, from 4.22%.

ARM rates also eased, with the average for the five-year ARM slipping to 3.72%, from 3.80%; and the average for the one-year ARM dipping to 3.23%, from 3.40% last week.

“Mortgage rates saw an overall improvement this week. Interest rates for 30-year fixed mortgages were almost 0.2 percentage points below this year’s high set just three weeks ago,” said Frank Nothaft, chief economist for Freddie Mac. “This means that home buyers could now expect to pay $263 less per year on a $200,000 loan.”

But housing demand remains weak, he added.

 

For reprint and licensing requests for this article, click here.
Lending
MORE FROM AMERICAN BANKER