Just a handful of months ago, mortgage rates were soaring. Now they are sinking, The Washington Post reports.
According to data released Thursday by Freddie Mac, the 30-year fixed-rate average plunged to 4.06% with an average 0.5 point. (Points are fees paid to a lender equal to 1% of the loan amount.) The 30-year fixed, which was 4.28% a week ago, had its biggest one-week drop in a decade. It was 4.4% a year ago and is at its lowest level in 14 months.
The 15-year fixed-rate average sank to 3.57%, with an average 0.4 point. It was 3.71% a week ago and 3.9% a year ago.
The five-year adjustable-rate average dropped to 3.75%, with an average 0.3 point. It was 3.84% a week ago and 3.66% a year ago.
Rates have fallen substantially in the past four months. After hitting a seven-year high of 4.94% in November, the 30-year fixed-rate average has gone down nearly a percentage point. Read the full story.