WASHINGTON – Long-term mortgage rates declined again toward new territory this week, with the average for the 15-year loan dipping to a new low, according to Freddie Mac.
The average for the 15-year mortgage declined this week to record low of 3.11%, from 3.13% last week; while the average for the 30-year loan fell to a near-record of 3.88%, from 3.98% last week. The 30-year rate is down from 4.91% a year ago.
“Fixed mortgage rates eased for the third consecutive week, following long-term Treasury bond yields lower after a weaker-than-expected employment report for March,” said Frank Nothaft, chief economist for Freddie Mac.
ARM rates were mixed, with the average for the five-year ARM dipping to 2.85%, from 2.86%; and the average for the one-year ARM inching up to 2.80%, from 2.78% last week.
