WASHINGTON – The average U.S. rate on the 30-year fixed mortgage was mostly unchanged this week, at 3.98%, as the cost of home-buying and refinancing stayed near record lows.
The 30-year rate dipped from 3.99% last week, according to Freddie Mac. The average for the 15-year mortgage also dipped slightly, to 3.21%, from 3.23%.
ARM rates also moved lower, with the average for the five-year ARM slipping to 2.86%, from 2.90% last week; and the average for the one-year ARM holding at 2.78%.
Frank Nothaft, Freddie Mac’s chief economist, said rates were little changed this week amid mixed signals on the health of the U.S. economy. He pointed to minutes from the Federal Reserve’s mid-March meeting, which showed officials were less inclined to take further action to stimulate the economy. The Fed noted the job market has strengthened, although it cautioned that the housing market remains depressed.
