Mortgage Rates at 4-Month Low- Freddie Mac

30-year mortgage rates reached a four month low in Freddie Mac's current Primary Mortgage Market Survey. Low mortgage rates continue to help the housing market recover from the speculative bubble over the past several years.

The National Association of Realtors released their Pending Home Sales Index, which is based on signed contracts. The index is up 6.4 percent to 103.8, this is the seventh consecutive month of gains and also the longest consecutive month-on-month gain in the history of the index.

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Current Mortgage Rates

Current mortgage rates for 30-year mortgages are averaging at 4.94 percent this week, down from the previous week's average mortgage rate of 5.04 percent. Discount points are averaging 0.7 percent this week. A year ago at this time 30-year mortgage rates were over 6.00 percent at 6.10 percent.

15-year mortgage rates are averaging 4.36 percent this week, down from last week's average mortgage rate of 4.46 percent. This rate is the lowest on record since Freddie Mac started tracking it in 1991. Discount points are averaging 0.6 percent. A year ago at this time 15-year mortgage rates were averaging 5.78 percent.

Adjustable mortgage rates are also down this week. Current 5-year adjustable mortgage rates are down to 4.42 percent this week, down from the prior week's average mortgage rate of 4.51 percent. Points are averaging 0.6 percent this week.

One-year adjustable mortgage rates are down to 4.49 percent this week, down from last week's average rate of 4.52 percent. Discount points are averaging 0.5 percent this week. A year ago, one year adjustable mortgage rates were averaging 5.12 percent.