Mortgage Rates Hold Steady

McLEAN, Va. – Long-term mortgage rates barely budged this week, with the average for the benchmark 30-year, fixed-rate loan dipping a single basis point to 6.16%, according to Freddie Mac. The average for the 15-year, fixed-rate mortgage also slipped slightly to 5.87% this week, from 5.89% last week. ARM rates also moved slightly lower, with the average for the five-year ARM dipping to 5.88%, from 5.92% last week; and the average for the one-year ARM slipping to 5.43%, from 5.45% last week. Recent economic data releases showing weaker existing home sales in March, coupled with lower consumer confidence in April, caused the market to pause and reevaluate the potential growth of the economy this year, said Frank Nothaft, chief economist for Freddie Mac chief economist in a statement. This allowed all mortgage rates to decline slightly this week.”