McLEAN, Va. – Long-term mortgage rates moved slightly higher this week, but held close to record lows reached this spring.
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The average for the 30-year, fixed-rate loan edged up to 5.14% this week, from 5.12% last week while the average for the 15-year, fixed-rate mortgage rose to 4.58%, from 4.56%, according to Freddie Mac.
"Long-term mortgage rates were barely changed this week, remaining historically low, which is helping to sustain a high level of affordability in the home-purchase market," said Frank Nothaft, chief economist for Freddie Mac.
ARM rates were mixed, with the average for the five-year ARM dipping to 4.67%, from 4.57% last week; and the average for the one-year ARM unchanged at 4.69%.
