McLEAN, Va. – Mortgage rates dipped this week, after rising the previous three weeks.
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The average for the 30-year, fixed-rate mortgage declined to 5.22% this week, from 5.25% last week; while the average for the 15-year, fixed-rate slipped to 4.73%, from 4.75%, according to Freddie Mac.
ARM rates also moved slightly lower, with the average for the five-year ARM dipping to 4.73%, from 4.75%; and the average for the one-year ARM moving to 4.78%, from 4.80% last week.
Frank Nothaft, chief economist for Freddie Mac said the economy slowed by an annual rate of 1% in the second quarter, "which was more positive than market forecasts." "Homebuyer demand improved as well, aided by high levels of housing affordability," Nothaft said.
