WASHINGTON – Mortgage rates hovered near record lows this week, with the 30-year fixed rate average creeping slightly lower to yet another all-time record, according Freddie Mac.
The average for the 30-year, fixed-rate loan slipped to 3.78% this week, from 3.79% last week; while the average for the 15-year mortgage remained unchanged from its newly-set historic low of 3.04%.
ARM rates also held near all-time lows, with the average for the five-year ARM unchanged at 2.83%; and the average for the one-year ARM dipping to 2.75%, from 2.78%.
“Mortgage rates were virtually unchanged this week with fixed-rate loans remaining at record lows and helping to drive homebuyer affordability,” said Frank Nothaft, chief economist for Freddie Mac.
Nothaft also pointed out the Federal Housing Finance Agency’s purchase-only house price index rose between the first quarters of 2011 and 2012, marking the first year-over-year increase since the beginning of 2007.
