Record Low for Mortgage Rates

Lenders are offering 30-year loans at an average rate of 4.57%, with upfront fees averaging 0.7% or the loan amount.

The rates are down from 4.58% last week and 5.2% last year this time.

The average rate for a 15-year loan rose from 4.04% to 4.07%.

Mortgages that are fixed for 5 yrs, but become variable, the average initial rate fell to 3.75% from 3.79%, taking it to the lowest in 5 years.

Well qualified borrowers, who understand the advantage of what is known as "buying points", often can get better rates.