This week all US mortgage rates have decreased substantially, reaching record lows in several cases while mortgage applications have increased 4.5%. This is the first time since the last few weeks of February in which we've seen a simultaneous decrease of all U.S. mortgage rates.
According to Freddie Mac, 30-year fixed-rate mortgages have decreased from 3.54% last week to 3.43% this week, which is a decrease of more than 0.1%.
15-year mortgage rates have also gone down to 2.65% compared to 2.74% last week. This is the second lowest rate we have seen for 15-year rates in 2013.
5-year adjustable-rate mortgages have decreased from 2.65% to 2.62%. This is one of the lowest rates we have seen this year for 5-year mortgages.
1-year mortgages have also decreased from 2.63% to 2.62%, reaching the same rate as 5-year mortgages.
The refinance share of mortgage applications has increased this week to 75% after many weeks of decline. This is the first week in a long time that we see a slight increase in the refinancing rate of applications.
On the other hand, adjustable-rate share of mortgage applications has decreased to 5% of all mortgage applications.