WASHINGTON – Mortgage rates edged up slightly this week, but remained near record lows, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan inched up to 3.32% this week, from 3.31% last week; while the average for the 115-year mortgage averaged 2.64%, compared to 2.63% last week.
ARM rates also held near all-time lows, with the average for the five-year ARM dipping to 2.72% this week, from 2.74% last week; and the average for the one-year ARM unchanged at 2.56%.
Concerns about the so-called fiscal cliff have depressed interest rates as demand increased for ultra-safe Treasury securities and insured mortgage bonds from Freddie Mac and other government-backed issuers, according to Freddie Mac chief economist Frank Nothaft.
