The benchmark 30-year fixed-rate mortgage fell 3 basis points this week to 4.32 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. This is the lowest level the fixed rate has reached since Bankrate started the weekly mortgage survey nearly 26 years ago. The mortgages in this week's survey had an average total of 0.42 discount and origination points. One year ago, the mortgage index was 4.54 percent; four weeks ago, it was 4.45 percent.
The benchmark 15-year fixed-rate mortgage fell 4 basis points, to 3.44 percent. The benchmark 5/1 adjustable-rate mortgage fell 3 basis points, to 3.07 percent.
Source: Bank of America