WASHINGTON – Long-term mortgage rates were almost unmoved this week, keeping near record lows, according to Freddie Mac.
The average for the 30-year, fixed-rate loan ticked up a single basis point to 4.79%, just above last December’s record low of 4.71%; while the average for the 15-year, fixed-rate mortgage moved down to 4.20%, from 4.21% last week.
ARM rates also barely moved, with the average for the one-year ARM holding steady at 3.95% and the average for the five-year ARM tipping down from 3.97% to 3.94%.
"The economy grew at a slower rate than originally reported in the first three months of the year ... which suggests inflation will remain tame in the near term," said Frank Nothaft, chief economist for Freddie Mac, referring to revised data on U.S. gross domestic product. "As a result, mortgage rates held at historic levels this week.”
