WASHINGTON – Long-term mortgage rates declined again this week to new depths, according to Freddie Mac.
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The average for the 30-year, fixed-rate mortgage dipped to a new low of 3.84% this week, from 3.87% last week; while the average for the 15-year loan slipped to a record-low of 3.07%, from 3.11% last week.
ARM rates were little changed, with the average for the five-year ARM steady at 2.85%; and he average for the one-year ARM dipping to 2.70%, from 2.74% last week.
“Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week,” said Frank Nothaft, chief economist for Freddie Mac.
