WASHINGTON – Mortgage rates moved slightly higher this week, but remained near decades lows, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan rose to 5.01% this week, from 4.98% last week; while the average for the 15-year, fixed-rate mortgage moved to 4.40%, from 4.39%.
ARM rates were mixed, with the average for the five-year ARM also rising slightly to 4.27%, from 4.25%; but the average for the one-year ARM declining to 4.22%, from 4.29% last week.
"Mortgage rates remained relatively stable for a second week amid news of a strengthening housing market," said Frank Nothaft, chief economist for Freddie Mac. "Residential fixed investment rose for two consecutive quarters over the last half of 2009 following a steady quarterly decline since the beginning of 2006."
