Mortgage Rates Slide Some More
WASHINGTON – Mortgage rates declined again this week for the sixth week in a row, to their lowest levels this year, according to Freddie Mac.
“Fixed mortgage rates eased slightly for the sixth consecutive week amid reports of slower economic activity,” said Frank Nothaft, chief economist for Freddie Mac. “The index of leading indicators fell 0.3% in April and represented the first monthly decline since June 2010. In addition, the Federal Reserve banks reported less business and manufacturing activity in Philadelphia, Chicago and Richmond.”
The average for the 30-year loan dipped slightly to 4.60%, from 4.61% last week; while the average for the 15-year mortgage slipped to 4.78%, from 4.80%.
ARM rates also slipped slightly, with the average for the five-year ARM dropping to 3.41% from 3.48% last week; and the average for the one-year ARM falling to 3.11%, from 3.15%.