According to Freddie Mac’s latest Primary Mortgage Market Survey, 30-year fixed-rate mortgage rates averaged 3.94 percent with an average 0.8 point for the week ending October 6, 2011, down from 4.01 percent last week and versus 4.27 percent a year ago.
At the same time, mortgage applications to purchase homes in the U.S. dropped 1.7 percent last week (refinancing activity fell 5.2 percent), down 12.1 percent on a year-over-year basis according to the Mortgage Bankers Association.
30-Year Fixed Mortgage Rate Falls Below 4 Percent [Freddie Mac]
Mortgage Applications, except Government Refinances, Decrease []