WASHINGTON Mortgage rates declined this week for the fifth week in a row, inching nearer to record lows, according to Freddie Mac.
The average for the 30-year, fixed-rate loan slipped again this week, from 3.40% to 3.35%, near its record low of 3.31% set last November. The average for the 15-year, fixed-rate mortgage also fell again, from 2.61% to 2.56%, a new low.
ARM rates also moved lower, with the average for the five-year ARM dipping from 2.58% last week to 2.56% this week; and the average for the one-year ARM falling from 2.62% to 2.56% this week.
“Mortgage rates eased somewhat following the release of the advance estimate of real GDP growth for the first quarter of the year, which rose 2.5% but fell short of the market consensus forecast,” said Frank Nothaft, chief economist for Freddie Mac, who predicted that near-record-low mortgage rates should further drive the housing market recovery over the near term.
