The 30- and 15-year mortgage rates dipped to new lows in the week ending March 7, Freddie Mac said. The 30-year rate was an average 5.67%, breaking the previous record low of 5.79% the week before.
The 15-year rate was an average 5.01%, down from the previous record of 5.14% the previous week. Freddie Mac began tracking the mortgages in 1991.
One-year adjustable rate mortgages (ARM) also fell to an average 3.76% from 3.83%.