Mortgage rates generally fell again this week, with the average rate on 30-year fixed-rate mortgages reaching the lowest level in at least 38 years, according to Freddie Mac's weekly survey.
'Interest rates for 30-year and 15-year fixed-rate mortgages fell for the fifth consecutive week to an all-time low while the average rate on five-year (adjustable-rate mortgages) hovered near its record set in the previous week,' Frank Nothaft, said Freddie's chief economist.
Mortgage rates have been pushed lower by weak housing demand and rising foreclosures. In addition, Treasury prices have risen, indicating that investors and financial institutions are retreating from riskier bets, and sending yields lower. Mortgage rates tend to follow the yields.
Wall Street Journal