WASHINGTON – Rates on the 30-year, fixed-rate mortgage remained just above 5% this week, remaining unchanged from last week at 5.07%, according to Freddie Mac.
The average for the 15-year loan also was virtually unchanged at 4.39%, compared to 4.40% last week.
Short-term rates were mixed, with the average for the five-year ARM dipping to 4.03%, from 4.08% last week; and the average for the one-year ARM rising to 4.22%, from 4.13% last week.
"Mortgage rates on fixed-loans were relatively unchanged this week while ARM rates were mixed,” said Frank Nothaft, chief economist for Freddie Mac. “These low mortgage rates are revitalizing the home construction industry. For instance, although new building of one-family homes slowed slightly between February and March by an annualized rate of 0.9%, this was primarily due to a 33.7% drop in the Midwest. The other three regions rose to their strongest pace since the second half of 2008.”
