30-year fixed rates tumble to new low

Average rates on 30-year fixed mortgages dropped to 5.19% this week, down from the year’s previous low of 5.47% set last week, mortgage company Freddie Mac said. The rate is the lowest since Freddie Mac’s weekly mortgage rate survey began in April 1971.

The average rate on a 15-year fixed mortgage dropped to 4.92% from 5.2%. Five-year adjustable-rate mortgages fell to 5.6% from 5.82% last week, while one-year adjustable-rate mortgages dropped to 4.94% from 5.09%.

The nationwide fee for 30-year and 15-year mortgages averaged 0.7 of a point last week. The fee on five-year adjustable-rate mortgages averaged 0.6 of a point, while the fee on one-year adjustable-rate mortgages averaged 0.5 of a point.