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Mortgage rates hit new lows
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September 17, 1998: 3:26 p.m. ET
30-year loans are cheapest they've been since weekly surveys began
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NEW YORK (CNNfn) - Mortgage rates continued their recent declines this week, hitting their lowest level since record keeping began, mortgage firm Freddie Mac said Thursday.
For the week ending Sept. 18, the 30-year fixed rate mortgages averaged 6.66 percent. Last week the rate on 30-year mortgages averaged 6.77 percent.
Shorter term loans followed a similar pattern; the 15-year rate hit 6.35 percent, compared to 6.43 percent last week. One-year adjustable-rate mortgages averaged 5.43 percent versus 5.50 percent.
Fees are dropping, too. According to Freddie Mac, charges averaged 0.9 percent for 30-year and 15-year loans (1.0 percent last week).
A year ago long-term loan rates were 7.38 per cent, and 15-year rates averaged 6.94 percent.
Officials say the fluctuations continue to fuel a surge in refinancing.
"We have entered another refi boom," says Robert Van Order, Freddie Mac's chief economist. "Mortgages that were just recently considered too low to refinance now have the opportunity to move into even lower rate loans." 
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