WASHINGTON – Long-term mortgage rates declined for a second week in a row, after rising four of the previous five weeks.
The average for the 30-year, fixed-rate loan dipped to 4.71% this week, from 4.77% last week; while the average for the 15-year, fixed-rate mortgage declined to 4.08% from 4.13%, according to Freddie Mac.
ARM rates also moved lower, with the average for the five-year ARM falling to 3.72%, from 3.75%; and the average for the one-year ARM dropping slightly to 3.23% from 3.24% last week.
“Fixed mortgage rates followed bond yields lower for the second consecutive week, bringing them to a four-week low,” said Frank Nothaft, chief economist for Freddie Mac.
