According to Freddie Mac, mortgage rates fell this week to a low of 4.72% for a 30-year fixed mortgage... down from 4.79% last week. We are skirting the LOWEST ALL TIME LOW set last December at 4.71%!!! As we observed back in February, a campaign by the Federal Reserve to reduce borrowing costs for consumers pushed rates down to extraordinarily low levels last year. Rates were expected to rise after the program ended this spring, but have fallen instead over the past two months.
The average rate on a 15-year fixed-rate mortgage hit 4.17 percent, down from 4.2 percent last week and the lowest on records dating back to August 1991.
Rates on five-year, adjustable-rate mortgages averaged 3.92 percent, down from 3.94 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 3.91 percent from 3.95 percent. That was the lowest average since May 2004.
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