Mortgage Rates Hold Steady
WASHINGTON – Long-term mortgage rates inched up this week, but the 30-year rate remained under 5%, according to Freddie Mac.
The average for the 30-year, fixed-rate loan moved up slightly to 4.87%, from 4.86% last week; while the average for the 15-year rate went to 4.10%, from 4.09%.
ARM rates were mixed, with the average for the five-year ARM rising to 3.72%, from 3.70% last week; and the average for the one-year ARM dipping to 3.22%, from 3.26%.
Freddie Chief Economist Frank Nothaft noted that the rates were little changed after what he called “an encouraging employment report” from the Bureau of Labor Statistics.