Mortgage Rates at Lowest Point Since May 2013

The 30-year fixed-rate mortgage sunk to a 3.89 % average this week, its lowest level since May 30, 2013. That translates to loan savings for home buyers and refinancers.

Freddie Mac reports the following national averages for the week ending Dec. 4:

30-year fixed-rate mortgages: averaged 3.89%, with an average 0.5 point, dropping from last week’s 3.97% average. Last year at this time, 30-year rates averaged 4.46%.

15-year fixed-rate mortgages: averaged 3.10 percent, with an average 0.5 point, dropping from last week’s 3.17 percent average. A year ago, 15-year rates averaged 3.47 percent.

5-year hybrid adjustable-rate mortgages: averaged 2.94%, with an average 0.5 point, dropping from last week’s 3.01% average. Last year at this time, averaged 2.99%.

Source: Freddie Mac