Mortgage rates have fallen to all-time lows for the fourth consecutive week.
The 30-year mortgage rates averaged 5.01 percent this week, compared to last week's 5.1 percent. Last year at this time, rates averaged 5.87 percent. This makes the tenth week that the 30-year mortgages have fallen. In part, this is due to the Federal Reserve's recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae.
Other rates that have dropped include 15-year fixed rates. Those dropped from last weeks 4.83 percent to this weeks 4.62 percent. 15-year mortgage rates averaged 5.43 percent at this time last year. Also, 5-year hybrid adjustable-rate mortgages averaged 5.49 percent, which were at 5.57 percent last week.
The only increase in any rates this week was in 1-year ARMs, which were 4.95 percent. Last week, they were at 4.85 percent. Primarily, 1-year ARMs are still down for the year from last year's 5.37 percent.