McLEAN, Va. – Home loan rates dipped this week, after jumping to their highest in more than a year the week before, according to Freddie Mac.
The average for the 30-year, fixed-rate loan declined to 6.52% this week, from 6.63% last week; while the average for 15-year, fixed-rate mortgages dipped to 6.07%, from 6.18%.
ARM rates also moved lower, with the average for the five-year ARM falling to 6.07%, from 6.18%; and the average for the one-year ARM slipping to 5.27%, from 5.49% last week.
Freddie Mac Chief Economist Frank Nothaft attributed the fall in rates to an easing of inflation concerns. Mortgage rates moved lower this week as a drop in commodity prices eased market concerns over inflation pressures, he said.
Nothaft noted a Department of Energy report released Monday that said the national gasoline price was at its lowest since late May.
