According to Freddie Mac, this week all mortgage rates have decreased substantially, reaching two new record low rates, for both 5 and 15 year mortgages.
This week mortgage applications have increased 1.8% compared to last week. This is a much larger increase than the one we saw last week of 0.2% and which we can attribute in part to the simultaneous decrease of all mortgage rates.
30-year fixed-rate mortgages decreased to 3.35% this week compared to 3.4% last week. This is only 0.04% above the lowest rate we've seen in almost half a decade.
15-year fixed-rate mortgages also decreased from 2.61% last week to 2.56% this week. This is a new record-low that hasn't been seen in almost 50 years.
5-year adjustable-rate mortgages have reached a new record-low of 2.56% this week compared to 2.58% last week, which was the previous record-low rate.
1-year adjustable-rate mortgages are the ones that have decreased the most this week, reaching 2.56% compared to 2.62% the previous week.
This week the refinance and the adjustable-rate mortgage share of activity have remained unchanged at 75% and 4% respectively.