Mortgage rates have continued to decrease steadily this past week, reaching new record-lows once again. This week the decrease in mortgage rates has been greater than in the past few months, and is promising even better mortgage rate offers for all of those looking for a way to finance or refinance a home.
30-year fixed-rate mortgages decreased to a new record low of 3.36%, compared to 3.4% last week, which was the previous record low that hadn't been seen in more than 40 years.
15-year mortgage rates also decreased from 2.73% last week to 2.69% this week, which is also a new record low mortgage rate. The 15-year rates are now even lower than the 5-year adjustable-rate mortgages, which increased 0.01% since last week, reaching 2.72% this week compared to 2.71% last week.
1-year adjustable-rate mortgages have also decreased their rates for a second week in a row, from 2.6% last week to 2.57% this week. This is the lowest rate reached by 1-year rates in more than 4 decades.
It comes as no surprise that along with these decreasing mortgage rates, mortgage applications have increased 16.6% compared to last week.
Of the total mortgage applications this week, 83% were from people who wanted to refinance their home. This is 2% higher than last week, when the refinance share of the total mortgage applications was at 81%. This week we have also seen the highest Refinance Index that has been reached in over three years, 20%. Out of the overall mortgage applications, adjustable-rate mortgage loans are still steady at 4%.
If you want to buy a house or refinance your home, I recommend that you check out the real-time list of low mortgage rates in the US.