WASHINGTON – Mortgage rates remained flat in the latest week, holding near all-time lows, according to Freddie Mac.
The average for a 30-year, fixed-rate loan was 3.4%, up slightly from 3.39% a week earlier but down from 3.99% a year ago; while the average for the 15-year loan dipped to 2.69%, from 2.70% a week ago and 3.30% last year at this time.
ARM rates also were little changed, with the average for the five-year ARM dipping to 2.69% from 2.70% last week; and the average for the one-year ARM inching up to 2.59% from 2.58%.
“Mortgage rates remained near record lows following the employment report for October,” said Frank Nothaft, chief economist for Freddie Mac. “The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000. The Labor Department also reported the unemployment rate ticked up to 7.9% and that average hourly wages were unchanged.”