Rates Drop Again!

From the Associated Press:

Rates on 30-year mortgages set a record for a fifth straight week by dropping to below 5 percent, the lowest mark since Freddie Mac started tracking the data in 1971.

Freddie Mac reported yesterday that average rates on 30-year fixed mortgages dropped to 4.96 percent this week, down from the previous record of 5.01 percent established last week. It was the 11th straight weekly drop.

For 15-year fixed-rate mortgage, rates rose to 4.65 percent from 4.62 percent last week, the lowest point since June 2003. For five-year, adjustable-rate mortgages, rates fell to 5.25 percent, the lowest since the week ending Sept. 8, 2005, when it averaged 5.24 percent. Rates on one-year, adjustable-rate mortgages fell to 4.89 percent from 4.95 percent last week.
The rates do not include add-on fees known as points. The nationwide fee for 30-year and 15-year mortgages averaged 0.7 point for this week. Fees for five-year adjustable rate mortgages averaged 0.6 point, compared with 0.5 point for one-year adjustable-rate mortgages.