Mortgage Rates Inch Down

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WASHINGTON – Long-term mortgage rates moved lower this week, after rising the past four weeks, according to Freddie Mac.

The average for the 30-year, fixed-rate loan dipped to 5% this week, from 5.05% last week; while the average for the 15-year mortgage slipped to 4.27%, from 4.29%.

ARM rates were mixed, with the average for the five-year ARM declining to 3.87%, from 3.92%; while the average for the one-year ARM rose slightly to 3.39%, from 3.35% last week.

Although rates have risen fairly sharply lately, Frank Nothaft, chief economist for Freddie Mac, said they “still continue to be very affordable.” He noted that before 2009, rates for 30-year fixed-rate mortgages had never been as low as 5%.

 

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