Mortgage rates continued to march lower into uncharted territory this week, according to mortgage financier Freddie Mac.
The classic and ever popular 30-year fixed slipped to 4.94 percent during the week ending October 1, down from 5.04 percent last week, and well below the 6.10 percent seen a year ago.
This is the first time the 30-year has fallen below five percent since March, and it is now just a handful of basis points away from reaching a new all-time low.
The 15-year fixed averaged 4.36 percent this week, down from 4.46 percent last week, a new record going all the way back to 1991.
A year ago, the 15-year fixed stood at 5.78 percent, which nowadays seems astronomical.
The five-year ARM also fell into record territory, slipping to 4.42 percent from 4.51 percent a week ago, and 6.00 percent last year.
Finally, the one-year adjustable-rate mortgage fell three basis points to 4.49 percent, and sits just over a half a point lower than the 5.12 percent average seen this time last year.
The mortgage rates above are good for conforming loan amounts with loan-to-value ratios of 80 percent; keep in mind that pricing adjustments may increase the rate you actually receive.
Interest rates on jumbo loans continue to price much higher, as do loans tied to second homes and investment properties.
(photo: evanwohrman)
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