The average rate for a benchmark 30-year mortgage inched down another 2 basis points (0.02 percentage points) over the past week to 2.94 percent, which is 34 basis points below its mark at the same time last year, down 24 basis points over the past six weeks, and back to within 29 basis points of its all-time low.
At the same time, the average rate for a 15-year fixed mortgage has inched down another 4 basis points to 2.26 percent and is back to within 10 basis points of its all-time low, while the average rate for a 5-year adjustable has dropped 33 basis points over the past five weeks to 2.59 percent and is now 59 basis points below its mark at the same time last year and at an eight-year low.
