McLEAN, Va. – Long-term mortgage rates tipped slightly upwards this week, with the benchmark 30-year rate hitting 5% again.
The average for the 30-year, fixed-rate loan climbed to 5% this week, from 4.92% last week; while the average for the 15-year, fixed-rate mortgages rose to 4.43%, from 4.37%.
ARM rates were mixed, with the average for the five-year ARM rising to 4.40%, from 4.38%; and the average for the one-year ARM slipping to 4.54%, from 4.60% last week.
"Following bond yields, long-term mortgages rates edged up slightly this week," said Frank Nothaft, chief economist for Freddie Mac.
He noted that, even with the lower ARM rates, borrowers were opting mainly for the security of fixed-rate mortgages these days. ARMs accounted for only about 6% of all mortgage applications in September and so far in October, he said, citing data from the Mortgage Bankers Association.
