McLEAN, Va. – Rates for adjustable-rate mortgages climbed this week, even as the Fed continued to ease short-term rates last week, according to Freddie Mac.
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The average for the five-year ARM rose to 5.67% this week, from 5.56% last week; while the average for the one-year ARM increased to 5.24%, from 5.15%.
The rise in short-term rates came as the Fed cut its target for short-term rates another 75 basis points, to 2.25% last week.
Long-term rates were mixed, with the average for the 30-year, fixed-rate mortgage moving slightly down to 5.85% this week, from 5.87% last week; and the average for the 15-year, fixed-rate loan moving up to 5.34%, from 5.27%.
