McLEAN, Va. – Long-term mortgages were unchanged from last week, holding at their highest rates since mid-March, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan remained at 5.88% this week, while the rate for the 15-year, fixed-rate mortgage was 5.42%, both unchanged from last week.
ARM rates dipped lower, with the average for the five-year ARM moving to 5.56%, from 5.59% last week; and the average for the one-year ARM slipping to 5.18%, from 5.19%.
"Once again, mortgage rates held relatively steady this week amid release of subdued economic data," said Frank Nothaft, chief economist at Freddie Mac. He noted the government last week reported that businesses cut 80,000 jobs last month, the third straight month of job losses.
