The average 30-year conventional fixed mortgage rates fell below 4 percent for the first time in history this week following a sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew, according to Frank Nothaft, vice president and chief economist at Freddie Mac.

For the week ending October 5, the 30-year fixed rate averaged 3.94% with an average 0.8 point, down from 4.01% last week.  This equates to a no point rate of 4.14%. While the average rate is below 4%, the four largest banks remain above 4.0%.

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