Current Mortgage Rates Dropping Near 5 Percent

Mortgage rates have dropped 1% in the past year, and it doesn't look like they will even out any time soon, judging by the current mortgage rates.

The current 30-year mortgage rate is 5.21%. It averaged 5.32% last week, and 6.3% last year. In March this number hit its absolute low at 4.61%.

The current 15-year mortgage rate is 4.6%.

According to the Wall Street Journal, 5-year mortgage rates averaged 4.82%, down from 4.88% last week and 5.82% last year. One-year Treasury-indexed ARMs were 4.82%. Last week they were 4.94% and last year, 5.17%.

Mortgage rates began to drop several months ago as the real estate powers-that-be attempted to stimulate the market. It worked for a while, but, as can be seen by the current dropping rates, the solution was not a long-term one. Today's mortgage rates continue to drop, and current mortgage rates are hitting new lows.