WASHINGTON – Rates for 30-year home loans edged lower for the second straight week, but remained above last year's record lows, according to Freddie Mac.
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The average for the benchmark 30-year loan slipped to 4.93% this week, from 4.97% last week; while the average for the 15-year, fixed-rate mortgage dipped to 4.33%, from 4.34%.
ARM rates also declined, with the average for the five-year ARM dipping to 4.12%, from 4.19%; and the average for the one-year ARM down to 4.23%, from 4.33% last week.
"Mortgage rates eased for the second week, while economic data releases suggest that the housing market may be in a slow state of recovery," said Frank Nothaft, chief economist for Freddie Mac.
