Mortgage Rates Tip Up From Record Lows
WASHINGTON – Long-term mortgage rates edged higher this week, after moving down to record lows the past four weeks.
The average for the 30-year, fixed-rate loan inched up to 4.21% this week, from 4.19% last week; while the average for the 15-year, fixed-rate mortgage moved to 3.64%, from 3.62%, according to Freddie Mac.
But short-term rates moved lower, with the average for the five-year ARM dipping to a new low of 3.45%, from 3.47%; and the average for the one-year ARM slipping all the way to 3.30%, from 3.43% last week.
“Mixed inflation signals kept fixed mortgage rates at bay this week. The headline producer price index jumped 0.4% between August and September, which was quadruple the market consensus, while the consumer price index fell below the market forecast,” said Frank Nothaft, chief economist for Freddie Mac. “Rates on the traditional one-year and five-year hybrid ARMs eased to all-time record lows.”