Fixed mortgage rates sank to their lowest levels since June, according to the latest data released Thursday by Freddie Mac.
For the second week in a row, mortgage rates tumbled among concerns about a softening housing market.
The 30-year fixed-rate average slid to 4.1 percent with an average 0.7 point. It was down from 4.13 percent a week ago but up from 3.39 percent a year ago. The 30-year fixed rate has not been this low since it averaged 3.93 percent in late June.
The 15-year fixed-rate average dropped to 3.2 percent with an average 0.7 point. It was 3.24 percent a week ago and 2.7 percent a year ago. The 15-year fixed rate, which reached its highest level in August at 3.6 percent, has not been below 3 percent since late May.
Hybrid adjustable rate mortgages were mixed. The five-year ARM average fell to 2.96 percent with an average 0.4 point. It was 3 percent a week ago and 2.74 percent a year ago. The five-year ARM has remained above 3 percent since late June.
The one-year ARM average rose to 2.64 percent with an average 0.4 point. It was 2.6 percent a week ago.
Read the full report here.