McLEAN, Va. – Mortgage rates rose slightly this week, but just above decades-lows, according to Freddie Mac.
The average for the 30-year, fixed-rate loan moved to 4.92% this week, from 4.87% last week while the average for the 15-year, fixed-rate mortgage climbed to 4.37%, from 4.33%.
Short-term rates also moved higher, with the average for the five-year ARM inching up to 4.38%, from 4.35%; and the average for the one-year ARM going to 4.60%, from 4.53%.
"Mortgage rates rose slightly over the week, but rates on 30-year fixed mortgages remained below 5% for the third consecutive week," said Frank Nothaft, chief economist for Freddie Mac.
"Homeowners are taking advantage of these low rates to refinance their current balances," said Nothaft. "Over the past five weeks ending Oct. 9, more than 3 out 5 mortgage applications were for refinancing, according the Mortgage Bankers Association."
