The 30-year fixed mortgage rates fell to 6.24% last week from 6.33% in the previous week, according to Freddie Mac's primary mortgage survey results. This is the lowest mortgage rates have been since the week ending March 3, 2006. In addition, rates are lower than the 6.37% level a year ago.
Freddie Mac also reported a 10 basis point decline in the 15-year fixed mortgage rate to 5.94%, and is just four basis points higher than levels seen last year at this time. On the adjustable side, the five-year hybrid ARM rate slipped just four basis points to 6.04%, and one-year ARM rates rallied just two basis points to 5.53%.
With the further improvement in mortgage rates this week, mortgage application activity is expected to remain elevated. So far in November, the Refinance Index is averaging 1960, nearly 10% above October's average. Mortgage rates are averaging seven basis points lower at 6.29%.
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