Short-Term Mortgage Rates Plunge
WASHINGTON – Mortgage rates fell again this week to their lowest levels since last November, with the average for the one-year ARM declining to its lowest mark on record, according to Freddie Mac.
The average for the one-year ARM dipped to 2.95% this week, its lowest since Freddie Mac began keeping records in 1972, after a weaker than expected jobs report pushed all mortgage rates lower. The average for the five-year ARM also declined this week to 3.28%, from 3.41% last week.
Long-term rates also moved lower, with the average for the benchmark 30-year loan slipping to 4.49%, from 4.55%; and the average for the 15-year mortgage falling to 3.68%, from 3.74% last week.
“The housing market continues to be fragile across the nation as well,” said Frank Nothaft, chief economist for Freddie Mac, with Federal Reserve data released Wednesday showing weak sales and prices in most districts.