WASHINGTON Long-term mortgage rates were unchanged this week, holding near all-time lows, according to Freddie Mac.
The average for the 30-year rate remained at 3.53% and the average for the 15-year mortgage was at 2.77% for the second week in a row.
ARM rates also were steady, with the average for the five-year ARM ticking up to 2.64% this week, from 2.63% last week; and the average for the one-year ARM rising to 2.62%, from 2.53%.
“Mortgage rates remain near record lows and continue to support housing demand, translating into a pick-up in home prices in most markets,” said Frank Nothaft, chief economist for Freddie Mac. “The median sales price of existing homes rose 10% between fourth quarter 2011 and 2012, the largest year-over-year gain in seven years.”
