The 30- and 15-year and one-year ARMs rates all moved to new record lows in the week ending Dec. 3, according to Freddie Mac's weekly survey. 

The 30-year fixed mortgage rate declined to 4.71% with an average 0.7 point from 4.78% last week, 15-year fixed rates slipped two basis points to 4.27%, and one-year ARMs dropped 10 basis points to 4.25%. 5/1 Hybrid ARM rates rose one basis point to 4.19% and is near its record low.

Fixed mortgage rates have been on the decline now for five straight weeks. 30-year rates in particular have dropped 32 basis points over this time.

Meanwhile, the Mortgage Bankers Association's Refinance Index has been just modestly responsive to the rate decline. 

When rates fell from 5.03% to 4.98% (week ending Oct. 23 through Nov. 6), the Refinance Index jumped 27% to nearly 3000. However, as rates have tumbled an additional 27 basis points through Nov. 25, the Refinance Index has declined 9% to ~2720 as of the week ending Nov. 27. 

Credit Suisse analysts said they do not expect a major increase in the Refinance Index unless mortgage rates decline to 4.50%.

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