The average rate on a 30-year fixed rate mortgage dipped to 4.78 percent this week from 4.84 percent a week earlier, Freddie Mac said Thursday. It was the lowest since early December, when rates fell to a record low of 4.71 percent.
The average rate on a 15-year fixed-rate mortgage fell this week to 4.21 percent-- the lowest level in nearly two decades.
Rates on five-year, adjustable-rate mortgages averaged 3.97 percent, up from 3.91 percent.
Rates on one-year, adjustable-rate mortgages fell from 4 percent to 3.95 percent, the lowest since May 2004.
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