McLEAN, Va. – Home mortgage rates held steady this week, as lenders waited to see whether the Federal Reserve would cut short-term rates again, as had been expected.
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The average for a 30-year, fixed-rate mortgage inched up to 6.06% this week, from 6.03% last week; while the average for the 15-year, fixed-rate loan dipped down to 5.59%, from 5.62%, according to Freddie Mac.
Rates on ARMs, which had risen the past few weeks, were mixed, with the average for a five-year ARM rising to 5.73%, from 5.68% last week; and the average for a one-year ARM unchanged, at 5.29%.
The Fed’s Open Market Committee on Wednesday cut the target rate for overnight funds by 25 basis points, to 2%.
