McLEAN, Va. – Long-term mortgage rates declined this week to their lowest level in more than two years, according to Freddie Mac.
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The average for the 30-year loan slipped to 6.10% this week from 6.20% last week; while the average for the 15-year mortgage dipped to 5.73%, from 5.83%.
ARM rates were mixed, with the average for the five-year ARM slipping slightly to 5.86%, from 5.88% last week; and the average for the one-year ARM rising slightly to 5.43%, from 5.42%.
Frank Nothaft, chief economist for Freddie Mac, said interest rates had been drifting lower over market concerns that the housing slump and credit market stress could slow future economic growth.
