WASHINGTON – Mortgage rates declined again near record lows this week amid worsening economic indicators, after rising slightly last week, according to Freddie Mac.
The average for the benchmark 30-year loan fell from 3.71% last week to 3.66% this week; while the average for the 15-year mortgage dipped from 2.98% to 2.95%. Both are record lows.
ARM rates also moved back towards record lows, with the average for the five-year ARM slipping from 2.80% to 2.77%; and the average for the one-year ARM declining from 2.78% to 2.74%.
“Treasury bond yields eased somewhat this week on some worsening economic indicators bringing mortgage rates back into record low territory,” said Frank Nothaft, chief economist for Freddie Mac.
“However, there were also some positive indicators on the housing market,” Nothaft said. “Construction on one-family homes rose for the third consecutive month in May to an annualized pace of 516,000. Furthermore, homebuilder confidence rose in June to its highest reading in over five years.”