WASHINGTON – Mortgage rates continued to plumb new depths this week, with the average for the benchmark 30-year, fixed-rate loan hitting 3.49%, according to Freddie Mac.
The benchmark rate was 3.53% last week.
The average for the 15-year mortgage also slipped lower to 2.80%, from a record low of 2.83% last week.
“Market concerns over the strength of the economic recovery brought long-term Treasury yields to new lows this week, allowing fixed mortgage rates to reach record levels,” said Frank Nothaft, chief economist for Freddie Mac.
ARM rates rose slightly but remained below 3%, with the average for the five-year ARM rising to 2.74%, from 2.69% last week; and the average for the one-year ARM moving to 2.71%, from 2.69%.