The average weekly 30-year mortgage rate tracked by Freddie Mac hit a more than 50-year low Thursday.
As of Thursday morning, the average weekly rate for a 30-year fixed-rate loan had fallen 17 basis points, to 4.15%, while the average 15-year rate had dropped 14 bps, to 3.36%.
Shorter-term mortgage rates also fell during the week ending Aug. 18 from the previous week, albeit by fewer basis points.
The average rate for a five-year, Treasury-indexed hybrid adjustable-rate mortgage dropped 6 bps, to 3.08%, while the average one-year Treasury ARM rate fell 3 bps, to 2.86%.
Average points during the week that ended Aug. 18 were 0.7 of a point for 30-year FRMs, 0.6 of a point for 15-year FRMs and one-year Treasury ARMs and 0.5 of a point for five-year Treasury hybrids.
A year ago, average Freddie Mac rates were 4.42% for 30-year loans, 3.9% for 15-year loans, 3.56% for five-year Treasury hybrids and 3.53% for one-year Treasury ARMs.
