WASHINGTON – Mortgage rates continued to hover near record lows this week, according to Freddie Mac.
The 30-year fixed-rate average fell to 3.55%, down from 3.59% a week ago; while the average for the 15-year, fixed-rate loan remained the same as a week ago at 2.86%.
ARM rates also moved lower, with the average for the five-year ARM sinking to 2.75%, from 2.78%; and the average for the one-year ARM dipping to 2.61%, from 2.63% last week.
“Mortgage rates were little changed over the holiday week amid mixed economic data releases,” said Frank Nothaft, chief economist for Freddie Mac. “Although consumer spending rose 0.4% in July, representing the largest gain in five months, the core price index was unchanged, suggesting little threat of inflation.”