Averages on 30- and 15-year fixed-rate mortgages fell to record lows this week, Freddie Mac said Thursday.
Thirty-year mortgage rates fell to an average of 5.94 percent from 6.11 percent last week. Thirty-year rates had not been under 6 percent since the week ended Oct. 11.
This week’s level is the lowest since Freddie Mac began tracking rates in 1971 and marks the seventh time this year that the 30-year rate has hit a record low.
Fifteen-year rates dipped to an average of 5.32 percent from 5.48 percent. That’s the lowest level since Freddie Mac started tracking those rates in 1991.
One-year adjustable-rate mortgages also fell to a record low, dropping to 4.09 percent from 4.15 percent.
A year ago, 30-year mortgages averaged 6.51 percent, 15-year mortgages 5.98 percent and the ARM 5.06 percent.
