Average fixed-rate mortgages once again fell back to near 20-month lows. After rising slightly last week, mortgage rates reversed course this week, sending borrowing costs lower and allowing home buyers and refinancers to lock in rates that haven’t been this low since May 23, 2013, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 5:

  • 30-year fixed-rate mortgages: averaged 3.59 percent, with an average 0.7 point, dropping from last week’s 3.66 percent average. A year ago, 30-year rates averaged 4.32 percent.
  • 15-year fixed-rate mortgages: averaged 2.92 percent, with an average 0.6 point, dropping from last week’s 2.98 percent average. Last year at this time, 15-year rates averaged 3.40 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.82 percent, with an average 0.4 point, dropping from last week’s 2.86 percent average. A year ago, 5-year ARMs averaged 3.12 percent.
  • 1-year ARMs: averaged 2.39 percent, with an average 0.4 point, rising slightly from last week’s 2.38 percent average. Last year at this time, 1-year ARMs averaged 2.55 percent.

Source: Freddie Mac