McLEAN, Va. – Mortgage rates continued to gyrate this week, declining by 12 basis points, after rising last week, according to Freddie Mac.
Processing Content
The average for the 30-year, fixed-rate loan tumbled to 5.03% this week, from 5.15% last week; while the average for the 15-year, fixed-rate mortgage fell to 4.64%, from 4.72%.
Short-rates also declined, with the average for the five-year ARM dipping to 4.99%, from 5.08% last week; and the average for the one-year ARM slipping to 4.80%, from 4.86%.
"Mortgage rates had room to ease this week following news of a weaker jobs market, which may slow consumer spending and keep inflation at bay," said Frank Nothaft, chief economist for Freddie Mac.
