McLEAN, Va. – Home loan rates declined again for the third week in a row, according to Freddie Mac.
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The average for the 30-year, fixed-rate loan fell to 5.14% this week, from 5.20% last week; while the average for the 15-year, fixed-rate mortgage dipped to 4.63%, from 4.69%.
Short-term rates were mixed, with the average for the five-year ARM inching up to 4.83%, from 4.82% last week; and the average for the one-year ARM dipping to 4.76%, from 4.82%.
"For a 30-year fixed-rate mortgage, the rate reduction over the past five weeks translates into a monthly payment saving of $56 on a $200,000 loan," said Frank Nothaft, chief economist for Freddie Mac.
