Mortgage Rates Hold Near Record Lows
WASHINGTON – Long-term mortgage rates remained at their lowest levels in five decades this week, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan was unchanged this week at 4.57%, the lowest since Freddie Mac began surveying lenders 30 years ago, while the average for the 15-year, fixed-rate mortgage tipped down to 4.06%, from 4.07% last week.
ARM rates were mixed, but also remained at five-decade lows, with the one-year ARM dipping to 3.74%, from 3.75% last week; and the average for the five-year ARM rising to 3.85%, from 3.75% last week.
“Fixed-rate mortgages continued to hover at 50-year lows, thereby supporting homebuyer affordability and refinance activity," said Frank Nothaft, chief economist for Freddie Mac. "Over the past month, about four out of five conventional loan applications and more than one-half of FHA and VA loan applications were for refinance."