Mortgage Rates In Free Fall
WASHINGTON – Fixed mortgage rates declined for the seventh consecutive week, to their lowest levels since December, Freddie Mac reported yesterday.
The average rate on the 30-year loan fell to 4.55% this week, from 4.60% last week; while the average for the 15-year mortgage fell to 3.74%, from 3.78%.
ARM rates held steady, with the average for the five-year ARM remaining at 3.41% and the average for the one-year ARM inching up to 3.13%, from 3.11%.
“Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing," said Frank Nothaft, chief economist for Freddie Mac.