WASHINGTON – Rates on the 30-year fixed-rate mortgage hit another low this week, averaging 3.88%, according to Freddie Mac.
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That’s down slightly from last week’s record low of 3.89%, and the seventh straight week the average for the benchmark mortgage rate has been less than 4%.
The average rate for the 15-year fixed-rate loan was 3.17%, up slightly from 3.16% last week.
ARM rates also continued to hover near record lows, with the average for the five-year ARM holding steady at 2.82%; and the average for the one-year ARM dipping to a record low of 2.74%, from 2.76% last week.
“Mortgage rates were nearly unchanged this holiday week in lieu of a mixed bag of economic data reports,” said Frank Nothaft, chief economist for Freddie Mac.
