After five weeks of declines, mortgage rates are at their lowest levels in 16 months.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 3.99 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 4.06 percent a week ago and 4.56 percent a year ago. The 30-year fixed rate moved below 4 percent for the first time since January 2018.
The 15-year fixed-rate average fell to 3.46 percent with an average 0.5 point. It was 3.51 percent a week ago and 4.06 percent a year ago. The five-year adjustable rate average dropped to 3.60 percent with an average 0.4 point. It was 3.68 percent a week ago and 3.80 percent a year ago.