McLEAN, Va. – Mortgage rates were almost unchanged this week, holding steady at their lowest level since May, according to Freddie Mac.
The average for the 30-year, fixed-rate loan was 5.04% this week, the same as last week; while the average for the 15-year mortgage dipped a single basis point to 4.46%.
ARM rates also held steady, with the average for the five-year ARM remaining at last week’s 4.51% and the average for the one-year ARM dipping to 4.52%, from 4.58% last week.
"Mortgage rates held relatively steady at three-month lows this week," said Frank Nothaft, chief economist for Freddie Mac. "Correspondingly, the Mortgage Bankers Association reported that mortgage applications jumped 12.8% over the week of September 18th to the strongest pace since late May, boosted by refinancing activity."
