According to Freddie Mac's weekly survey, mortgage rates fell this week, with the average rate on 30-year fixed-rate mortgages falling below 5% to a four-month low.
Since Freddie began tracking mortgages in 1991, the 15-year fixed-rate is at its lowest figure, 4.36%. The average rate was 4.46% last week and 5.78% last year. Also hitting a low is the five-year Treasury-indexed hybrid adjustable-rate mortgages, dropping to 4.42% from 4.51% and 6%, respectively.
Down from last week's 5.04% average and 6.1% a year ago, the 30-year, fixed-rate mortgage averaged 4.94% for the week ended Thursday. The last time the 30-year fixed-rate mortgage was below 5% was the week ending May 28, when it averaged 4.91%.
Meanwhile, one-year Treasury-indexed ARMs were at 4.49%, down from 4.52% last week and 5.12% last year.
Contributed by MLR Realty
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