McLEAN, Va. – Home loan rates fell again this week, near record lows reached in May, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate mortgage slipped to 4.83% this week, from 4.91% last week, near the all-time low of 4.78% set in April, based on Freddie Mac records dating back to 1971.
The average for the 15-year, fixed-rate loan fell to 4.32% from 4.36%, the lowest since Freddie Mac began tracking 15-year rates in 1991.
ARM rates also moved lower, with the average for the five-year ARM dipping to 4.25% from 4.29%, and the average for the one-year ARM moving to 4.35% from 4.46%.
"Interest rates on 30-year fixed-rate mortgage loans fell for the third consecutive week to the lowest since the week ending May 21st, while 15-year fixed rates were the lowest since our records began in 1991," said Frank Nothaft, chief economist for Freddie Mac. "Low fixed rates throughout the third quarter prompted an estimated $1.1 trillion in refinancing activity, saving homeowners about $10 billion in aggregate monthly payments over the first 12 months of their new loan."
