Mortgage rates have fallen to a new all-time low for the fourth time this year. The 30-year fixed-rate mortgage averaged 3.13 percent for the week ending today, down eight basis points from a week earlier, according to Freddie Mac. The 15-year fixed-rate mortgage dropped four basis points to 2.58 percent.
The previous record low was 3.15 percent, set back at the end of May. Just one year ago, the 30-year home loan averaged 3.84 percent.
Not surpsrisingly, mortgage applications to purchase a home rose 4 percent last week from the previous week, the ninth consecutive week of gains and the highest volume in more than 11 years. Applications are a remarkable 21 percent higher than they were a year ago.