Mortgage Rates Hold Steady Near Record Lows
WASHINGTON – Mortgage rates were unchanged this week, holding at five-decade lows, according to Freddie Mac.
The average for the 30-year, fixed-rate loan was unchanged at 4.37%, while the average for the 15-year mortgage remained at 3.82%.
ARM rates were mixed, with the average for the five-year ARM dipping slightly to 3.54%, from 3.55% last week; and the average for the one-year ARM rising to 3.46%, from 3.40%.
“The perception of slow growth and low inflation removed any upward pressure on fixed mortgage rates this week,” said Frank Nothaft, chief economist for Freddie Mac.
Nothaft also noted the decline in average rates for 30-year fixed mortgages fell by the most in the year following the latest recession than any of the last six. The National Bureau of Economic Research said Monday that the latest recession ended in June 2009.