Mortgage company Freddie Mac said Thursday the nationwide average for a 30-year mortgage declined to 3.89 percent this week from 3.97 percent last week. It is now at its lowest level since May 2013.
Rates are about a half-point lower than at the beginning of the year, when the benchmark 30-year rate stood at 4.53 percent. Rates have fallen in recent weeks amid economic slowdowns in Europe and China, and the start of a recession in Japan.
Here are where Interest Rates are at for some popular borrowing periods.
The average for a 15-year mortgage, a popular choice for people who are refinancing, declined to 3.10 percent from 3.17 percent last week. The average fee for a 30-year mortgage was unchanged from last week at 0.5 point. The fee for a 15-year mortgage also remained at 0.5 point. The average rate on a five-year adjustable-rate mortgage fell to 2.94 percent from 3.01 percent. The fee was steady at 0.5 points. For a one-year ARM, the average rate declined to 2.41 percent from 2.44 percent. The fee held at 0.4 point.
This information was taken from a recent AP release through the National Association of Realtors.