WASHINGTON – The average rate on a 30-year fixed mortgage continued to decline this week, hitting another new low of 3.53%, down from 3.56% last week, according to Freddie Mac.
It was 12th time in 13 weeks a new record was set.
The average for the 15-year loans also dipped again to a new low of 2.83%, down from 2.86% last week.
“With little signs of inflation and the Federal Reserve’s ‘Operation Twist’ keeping U.S. Treasury bond yields in check, fixed mortgage rates are remaining low and helping to stir the housing market,” said Frank Nothaft, chief economist at Freddie Mac.
ARM rates also moved toward new lows, with the average for the five-year ARM dipping to 2.69%, from 2.74%; and the average for the one-year ARM holding at a low of 2.69%.