Mortgage Rates Mixed
McLEAN, Va. - (12/02/05) -- Long-term mortgage rates declinedthis week for the second week in a row, according to Freddie Mac.The average for the benchmark 30-year, fixed-rate loan dipped to6.26% this week, from 6.28% last week; while the average for the15-year, fixed-rate mortgage was unchanged at 5.81%. ARM rates,however, inched up, with the average for the one-year ARM rising to5.16%, from 5.14%, and the average for the five-year ARM moving to5.76%, from 5.75%. "Mortgage rates are in a holding pattern at themoment as financial markets try to discern where inflation andgrowth in the economy are headed," said Frank Nothaft, chiefeconomist for Freddie Mac. "Until the market decides these issues,mortgage rates should stay within a relatively narrow band. Currentlow mortgage rates, coupled with the higher 2006 conforming loanlimits of $417,000, should help to keep the mortgage industrybustling as we head into the new year."