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Mortgage Rates continue Declining

Mortgage Rates dip further to set new record lows in their 11th straight week, according to the report issued by Freddie Mac.

The report sees a decline of 5 percent in the interest rates of 30-years fixed rate mortgages. It averaged 4.96 percent this week while it was 5.01 percent the previous week.

Other rates have also seen a downward movement this week. While 1-year adjustable rate mortgages averaged 4.89 percent this week, a slight fall from 4.95 percent of last week, the 5/1 ARMs fell to 5.25 percent from 5.49 percent of the previous week.

However, 15-years fixed rate mortages have shown an upward movement during the period with an average of 4.65 percent, which is 3 percent more from 4.62 percent of the last week.

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