Mortgage rates in the US have reached record-lows this week in 30-year, 15-year fixed-rate and 1-year adjustable-rate mortgages as Fed chairman Bernanke announced more stimulus measures last week. Such a huge decrease of practically all mortgages rates is something that hasn't been seen in many decades, and something worth taking advantage of, regardless of whether you want a fixed or adjustable-rate mortgage.

30-year fixed-rate mortgages have reached their record low at 3.49% this week, compared to 3.55% last week. This rate was only reached once before in recent years, and it occurred during the last week of July this year. This is the lowest rate we have seen for 30-year mortgages in over than three decades.

15-year fixed-rate mortgages have plummeted from 2.85% last week to 2.77% this week, which is the lowest rate that has been seen for 15-year mortgages in more than 35 years. This is almost the same rate as those of the 5-year mortgages.

1-year adjustable-rate mortgages have remained constant at 2.61%. The only rate that has increased this week is the 5-year adjustable-rate mortgage, which increased from 2.72% last week to 2.76% this week, although it still remains at a record-low rate only slightly above its lowest rate.

Refinancing activity has increased from 80% last week to 81% of all mortgage applications this week, meaning that of all the people who are applying for mortgage, a large percentage are using them to refinance their home rather than to purchase a new one.

The US housing market also has been turning around lately. In August, existing home sales jumped 7.8% to 4.82 million compared to a month ago, which hadn't been seen since May 2010, and was much higher than expected.

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