McLEAN, Va. – Long-term mortgage rates fell again this week, to near record lows, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan dipped to 4.82% this week, from 4.86% last week; while the average for the 15-year, fixed-rate mortgage slipped slightly to 4.50%, from 4.52%.
Short-term rates were mixed, with the average for the five-year ARM inching down to 4.79%, from 4.82%; while the one-year ARM rates rising sharply higher to 4.82%, from 4.71%.
"Long-term fixed-rate mortgage rates have remained below 5% for the past 10 weeks as the U.S. Treasury and Federal Reserve act to keep interest rates low through security purchases," said Frank Nothaft, chief economist for Freddie Mac, of the ongoing government program to buy agency-backed mortgage-securities from financial institutions.
