McLEAN, Va. – Long-term mortgage rates declined last week and moved closer to the 5% mark.
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The average for the 30-year, fixed-rate loan fell to 5.08%, from 5.14% the week before, and was the lowest since 4.91% in the week ended May 28, according to Freddie Mac. The average for the 15-year mortgage dipped to 4.54%, from 4.58% the prior week.
Short-term rates also moved lower, with the average for the five-year ARM slipping to 4.59% last week, from 4.67% the week before; and the average for the one-year ARM dropping to 4.62%, from 4.69%.
"Bond yields pushed mortgage rates slightly lower this week," said Frank Nothaft, chief economist for Freddie Mac. "Low mortgage rates are helping to keep housing very affordable."
