WASHINGTON Mortgage rates fell for the fourth straight week, with the average for the 15-year loan dipping to a new low, according to Freddie Mac.
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The average for the 15-year, fixed-rate mortgage declined from 2.64% last week to a record 2.61% this week, the lowest rate since Freddie began keeping records in 1972.
The average for the 30-year, fixed-rate loan slipped slightly, from 3.41% to 3.40%.
The average for the five-year ARM also fell to a new low, from 2.60% to 2.58% this week; while the average for the one-year ARM dipped to 2.62% from 2.63%.
“The housing market is getting a boost with mortgage rates hovering at or near record lows,” said Frank Nothaft, chief economist at Freddie Mac.
