This week, the US 1-year mortgage rate reached 2.63%, the lowest 1-year adjustable-rate we have seen not only this year, but in more than 35 years.

But the good news doesn't stop there, as all mortgage rates have gone down this week, many of which are now only slightly above the lowest rates they have reached in almost 50 years, making it an ideal time to get a mortgage, as you will enjoy a very low interest rate, especially if you choose a fixed-rate mortgage.

The 30-year fixed mortgage rate decreased from 3.66% last week to 3.59% this week, which, according to Freddie Mac, is the 5th lowest 30-year fixed-rate we have seen in 2012.

The 15-year fixed-rate also went down moderately from 2.89% last week to 2.86% this week. This is only 0.06% higher than the lowest rate that it has reached during this year, which was 2.8% five weeks ago. The 5-year adjustable-rate has also decreased from 2.8% last week to 2.78% this week.

Despite the decline of all mortgage rates this week, mortgage applications have decreased 4.3% this week compared to last week, and those who got a refinance mortgage decreased from 80% of the total mortgages last week to 79% this week. Those who applied for adjustable-rate mortgages increased to 4% of all the mortgage applications, most likely due to the low mortgage rates we have seen this week.

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