Interest rates continued dropping last week, creating a housing market where buyers searching for cheap credit can find plenty of it.
The 30-year, fixed-rate mortgage averaged 3.53%, which is down from 3.56% a week earlier and 4.52% from last year. In addition, the 15-year, FRM averaged 2.83%, down from 2.86% a week earlier and 3.66% last year.
The 5-year, Treasury-indexed hybrid adjustable-rate mortgage averaged 2.69%, down from 2.74% a week earlier and 3.27% last year.
Read More: Mortgage interest rates keep going down