Rates slid for the fourth consecutive week with five-year adjustable rate mortgages and 15-year fixed rate loans both hitting record lows, Freddie Mac said.
Average interest rates for five-year ARM loans dropped to 2.58 percent from 2.6 percent with 0.5 point, Freddie Mac said. Average rates for 15-year fixed rate loans fell from 2.64 percent to 2.61 percent with 0.7 point.
Rates for 30-year, fixed-rate mortgages slid from 3.41 percent to 3.4 percent with an average 0.8 point to 3.41 percent with an average of 0.7 point, Freddie Mac said.
One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan's long-term interest rates.
One-year adjustable rate mortgages using 10-year bonds as a benchmark averaged 2.62 percent with 0.3 point in the week, down from 2.63 percent in the previous week.