McLEAN, Va. – Mortgage rates were flat this week following a disappointing service sector report, according to Freddie Mac.
The average for the 30-year, fixed-rate loan slipped a single basis point, to 5.67% this week; while the average for the 15-year, fixed-rate mortgage dipped to 5.15%, from 5.17%: both were near four-year lows.
ARM rates moved lower, with the average for the five-year ARM declining to 5.21% this week, from 5.32% last week; and the average for the one-year ARM slipping slightly to 5.03%, from 5.05%.
Economic news released in the past week showed the economy continues to be weak, said Frank Nothaft, chief economist for Freddie Mac. He noted the Labor Department reported a 17,000 loss in U.S. January non-farm payrolls last week, the first decline in any month since August 2003.
