McLEAN, Va. – Long-term mortgage rates continued to decline this week to their lowest levels in two years, according to Freddie Mac.
The average for the 30-year, fixed-rate loan dipped to 5.96% this week, from 6.10% last week; while the average for the 15-year, fixed-rate mortgage slipped to 5.65%, from 5.73%. The 30-year rate hasn’t been that low since September 2005, when it was 5.91%.
ARM rates were mixed, again, with the average for the five-year ARM falling to 5.75%–its lowest since October 2005–from 5.86%; and the average for the one-year ARM inching up to 5.46%, from 5.43% last week.
With lower consumer spending and personal income gains in October, interest rates on U.S. Treasury securities fell lower this week and mortgage rates followed,” said Frank Nothaft, chief economist for Freddie Mac.
