Mortgage Rates Keep Falling
WASHINGTON – Home loan rates continued to decline to five-decade lows this week amid concerns about the state of the economy, according to Freddie Mac.
The average for the 30-year, fixed-rate mortgage slipped again to 4.49% this week, from 4.54% last week; while the average for the 15-year loan dipped to 3.95%, from 4.00%.
ARM rates also continued to move lower, with the average for the five-year ARM falling to 3.63%, from 3.76%; and the average for the one-year ARM declining to 3.55%, from 3.64% last week.
"And yet again, interest rates for fixed-rate mortgages and now the hybrid five-year ARM fell to all-time record lows this week following the second quarter GDP release," said Frank Nothaft, chief economist for Freddie Mac.