Mortgage Rate Fell for a Fourth Week

According to a Freddie Mac survey out today, the average rate on a 30-year fixed mortgage fell to 3.4% in the week that ended April 25. That's down from 3.41% the prior week and headed toward the record low of 3.31% hit in late November. The same week last year, 30-year fixed mortgage rates averaged 3.88%.

Even better, for those who qualify, the average rate on a 15-year fixed-rate mortgage hit a record low of 2.61% this week, down from 2.64% in the prior week. Freddie Mac began keeping nationwide average records in 1971.

In its weekly survey of mortgage lenders nationwide, Freddie Mac said adjustable rate mortgages hit a record low this week. The average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage fell to an all-time low of 2.58% from 2.6% a week earlier. That type of mortgage has been available nationwide since 2005.

According to Freddie Mac the 1-year Treasury-indexed ARM ticked down to 2.62% in the latest week from 2.63% a week earlier.