WASHINGTON Long-term mortgage rates declined this week, from a two-year high last week, according to Freddie Mac.
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The average for the 30-year mixed-rate loan slipped to 4.37% from 4.51% last week; and the average for the 15-year mortgage dipped to 3.41% from 3.53%.
ARM rates were mixed, with the average for the five-year ARM falling to 3.17% from 3.26%; and the average for the one-year ARM holding steady at 2.66%.
“Fixed mortgage rates fell as Federal Reserve Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases. Indications of a slowing in the economic recovery also placed downward pressure on mortgage rates,” said Frank Nothaft, chief economist for Freddie Mac.
