McLEAN, Va. – Mortgage rates moved lower again this week, with the benchmark 30-year average remaining under 5% for the second week in a row, according to Freddie Mac.
The average for the 30-year, fixed-rate loan dipped this week to 4.87%, from 4.97% last week; while the average for the 15-year, fixed-rate mortgage declined to 4.33%, from 4.36%.
ARM rates were mixed, with the average for the five-year ARM inching down to 4.35%, from 4.42%; and the average for the one-year ARM rising to 4.53%, from 4.49% last week.
The lower rates are spurring a new round of refinancings, with the Mortgage bankers Association reporting an 18% rise in its refi index for this week from last week. "Such low rates are spurring mortgage demand," said Frank Nothaft, chief economist for Freddie Mac.
