WASHINGTON Mortgage rates declined for the fourth week in a row to nine-week lows, after climbing to two-year highs in August, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan slipped to 4.32%, from 4.50% last week; while the average for the 15-year, fixed-rate mortgage fell to 3.37% from 3.54%. Both rates are up 100 basis points from a year earlier.
ARM rates also dipped slightly, with the average for the five-year ARM inching to 2.63% from 2.65%; and the average for the one-year ARM moving to 3.07% from 3.11%.
"Mortgage rates fell following the Federal Reserve announcement that it will maintain its bond-buying stimulus," Frank Nothaft, Freddie Mac's chief economist, said in a statement. "These low rates should somewhat offset the house price gains seen the last number of months and keep housing affordability elevated."
