The most recent Freddie Mac mortgage market survey, released Thursday, showed that 30-year, fixed mortgage rates slipped to 4.80 percent this week, down from 4.82 percent.
One year ago, mortgage rates for a 30-year fixed rate mortgage sat at 6.03 percent. Rates have been below 5 percent for six straight weeks.
Despite the drop, rates remained above the all-time mortgage rate low of 4.78 percent, which was recorded the week of April 2nd this year. Freddie Mac's survey goes as far back as 1971. Be careful with these figures, though. While mortgage rates themselves dropped to 4.80 percent, fees and points rose from 0.6 to 0.7 percent.
Meanwhile, 15-year fixed-rate mortgage rates remained steady at 4.48 percent, but fees and points once again rose the same amount as for 30-year-mortgages, from 0.6 to 0.7 percent.
Mortgage rates on five-year, adjustable-rate mortgages (ARMs) fell to 4.85 percent from 4.88 percent last week, the lowest since Freddie Mac began tracking them in January 2005. However, margin rose from 2.74 to 2.75 and fees and points stayed steady at 0.6 percent.
Average mortgage rates on one-year, adjustable-rate mortgages fell to 4.82 percent from 4.91 percent last week. However, the margin rose from 2.75 to 2.76 and fees and points stayed steady at 0.6 percent.
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