WASHINGTON – Mortgage rates declined to the lowest level of the year this week, as rates fell on U.S. government securities, according to Freddie Mac.
The average rate for the 30-year, fixed-rate loan fell from 4.93% last week to 4.84% this week, the lowest since mid-December when the average was 4.81%. The average rate for the 15-year mortgage dropped to 4.24%, from 4.30%.
ARM rates also moved lower this week, with the average for the five-year ARM dipping from 3.95% to 3.91% and the average for the one-year ARM slipping to 4.0% from 4.02% last week.
"Mortgage rates eased back once again this week to the lowest level of the year," said Frank Nothaft, chief economist for Freddie Mac vice president and chief economist. "Low mortgage rates, coupled with the home-buyer tax credit, helped strengthen the housing market in the first four months of the year."
