WASHINGTON Mortgage rates fell this week, in reaction to news of slower growth in the economy, according to Freddie Mac.
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The average for the benchmark 30-year, fixed-rate loan dipped to 3.54%, from 3.57% last week; while the average for the 15-year, fixed-rate mortgage slipped to 2.74%, from 2.76%.
ARM rates were mixed, with the average for the five-year ARM declining to 2.65%, from 2.68%; and the average for the one-year ARM inching up to 2.63%, from 2.62% last week.
“Fixed mortgage rates dipped slightly while the manufacturing industry showed signs of slowing,” said Frank Nothaft, chief economist for Freddie Mac.
