Freddie Mac's most recent weekly survey revealed that the 15-year fixed-rate mortgage gravitated to a level not seen since February 2006, while the interest rates for the 30-year fixed-rate mortgage dropped to levels not seen since May of this year.
Delving in to the specifics, the 15-year fixed-rate mortgage for the week ending November 21 came in at an average of 5.83%, down 0.05% from a week ago. For the same period a year ago, the aforementioned average docked at 5.91%. Consequently, the 30-year fixed-rate mortgage for the week ending November 21 came in at an average of 6.2%, down 0.04% from a week ago. For the same period a year ago, the aforementioned average was actually lower, at 6.18%.
In related news, the Mortgage Bankers Association today reported that mortgage applications for the week ending November 21 fell by 3.6%, which could explain the increasingly motivational interest rates previously mentioned.