Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

30-year mortgage at lowest rate since 1971

By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- Mortgage rates continued to decline this week, plunging to the lowest level in decades, according to surveys from Freddie Mac and Bankrate.

Freddie Mac's weekly report said the 30-year fixed rate slipped to 4.44% for the week ended Thursday, the lowest since the government-backed lender began tracking the rate in 1971. Last week's rates stood at 4.49%, and a year ago it was at 5.29%.

The 15-year fixed rate fell to 3.92% this week, the lowest since Freddie Mac began tracking it 1991, down from 3.95% last week and from 4.68% a year ago.

Adjustable-rate mortgages also declined, with the 5-year rate falling to 3.56% this week, the lowest since 2005 when the lender began tracking it.

Mortgage tracker Bankrate.com, which surveys large lenders across the country, said the average 30-year fixed loan sank to a record low for the fourth consecutive week, falling to 4.57% from 4.66% the previous week.

The 15-year fixed rate, which is a popular option for refinancing, also fell to the lowest level in the history of Bankrate's 25-year old survey, dipping to 4.06%, from 4.11% the week before.

While the 1-year adjustable-rate mortgage held steady at 4.8% for a fourth week, the 5-year adjustable rate mortgage dropped to a record low of 3.92% from 3.95% the previous week.

"Low rates are helping to heal many battered local housing markets by increasing home-purchase activity, said Frank Nothaft, chief economist at Freddie Mac.

Mortgage rate applications inched up a modest 0.6% during the week, according to the Mortgage Bankers Association. Applications for purchase rose 0.3% while refinance applications increased 0.6%.  To top of page


Overnight Avg Rate Latest Change Last Week
30 yr fixed3.97%4.04%
15 yr fixed3.15%3.20%
5/1 ARM3.33%3.37%
30 yr refi3.99%4.08%
15 yr refi3.17%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 19,614.81 65.19 0.33%
Nasdaq 5,417.36 23.60 0.44%
S&P 500 2,246.19 4.84 0.22%
Treasuries 2.39 0.04 1.70%
Data as of 7:06pm ET
Company Price Change % Change
Bank of America Corp... 22.95 0.38 1.68%
Chesapeake Energy Co... 7.60 0.02 0.26%
Ford Motor Co 13.03 -0.03 -0.23%
Wells Fargo & Co 57.29 0.01 0.02%
Micron Technology In... 20.66 0.22 1.08%
Data as of 4:01pm ET

Sections

Harold Hamm, a top energy adviser to President-elect Donald Trump, said on Thursday that he believes the tribes fighting the Dakota Access Pipeline are "being taken advantage of." More

Trump says he sold all his stocks in June. But what about his hedge funds? He was (and may still be) invested in three run by John Paulson, a major campaign donor. More

Sean Rad will be stepping away from his day-to-day duties as Tinder CEO in order to run Swipe Ventures. More