McLEAN, Va. – Mortgage rates continued to decline this week, with the average for the 30-year, fixed-rate loan, falling to their lowest in almost 30 months, according to Freddie Mac.
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The average for the 30-year, fixed-rate mortgage fell from 5.87% last week to 5.69% this week–its lowest since July 14, 2005; while the average for the 15-year, fixed-rate mortgage fell from 5.43% to 5.21%.
The one-year ARM rate also moved down from 5.37% to 5.26%, making it the first time in seven years the rate for the one-year ARM was higher than that for a 15-year loan, according to Frank Nothaft, chief economist for Freddie Mac.
Five-year ARM averages also moved lower, from 5.63%, to 5.40%.
