Mortgage Rates Keep Falling To New Lows
WASHINGTON – The benchmark 30-year rate for mortgage lending declined again this week to its lowest level in five decades, as confidence in the economy continued to slide, according to Freddie Mac.
The average for the 30-year, fixed-rate loan slipped from 4.32% last week to 4.27% this week, its lowest since Freddie Mac began keeping records in 1971 and probably for decades before that, according to Freddie. The average for the 15-year, fixed-rate mortgage also declined again from 3.75% to 3.72%.
ARM rates were mixed, with the average for the five-year ARM also falling from 3.54% to 3.52%, but the average for the one-year ARM rising slightly from 3.46% to 3.48%.
“Confidence in the state of the economy fell among consumers and businesses, which led to a decline in long-term bond yields and brought many mortgage rates to record lows this week,” said Frank Nothaft, chief economist for Freddie Mac.