WASHINGTON Long-term mortgage rates dipped this week, after rising five of the past six weeks to two-year highs, according to Freddie Mac.
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The average for the 30-year fixed rate loan fell to 4.29% this week, from 4.46% a week earlier; while the average for the 15-year mortgage slipped to 3.39%, from 3.51%.
“Fixed mortgage rates fell over the holiday week as market concerns over the timing of the Federal Reserve’s pullback in bond purchases eased somewhat,” said Frank Nothaft, chief economist for Freddie Mac.
“Rates are still low by historical standards and should continue to aid in housing affordability and the ongoing recovery of the housing market,” Nothaft added.
