The benchmark 30-year fixed-rate mortgage fell 5 basis points this week, to 4.66 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.42 discount and origination points. One year ago, the mortgage index was 5.65 percent; four weeks ago, it was 4.74 percent -- at the time, a record low.
The benchmark 15-year fixed-rate mortgage fell 6 basis points, to 4.11%. The benchmark 5/1 adjustable-rate mortgage tumbled 12 basis points, to 3.95%. The benchmark 30-year fixed-rate jumbo mortgage fell 9 basis points, to 5.34%.
All of those rates -- the 30-year fixed, the 15-year fixed, the 5/1 ARM and the jumbo -- are record lows in Bankrate's survey. Records from the National Bureau of Economic Research suggest that the 30-year fixed hasn't been this low since the mid-1950s. (more)
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