30-year rates remain static at 5.88% while others dip
Associated Press
WASHINGTON — Rates on 30-year mortgages were unchanged this week but other rates showed declines.
Freddie Mac, the mortgage company, reported yesterday that 30-year fixed-rate mortgages averaged 5.88 percent this week, where they have been for the past three weeks.
The 30-year rate, which had been at 5.85 percent the week of March 27, edged up slightly to 5.88 percent the following week and has stayed at that level, remaining below the 6 percent level for five straight weeks.
But other rates showed declines, which analysts attributed to rising hopes that the Federal Reserve will move at the end of this month to cut interest rates again.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, dipped to 5.40 percent, down from 5.42 percent last week. Five-year adjustable-rate mortgages dropped slightly to 5.48 percent, down from 5.56 percent last week. Rates on one-year adjustable-rate mortgages slipped to 5.10 percent.