Lackluster economic reports pushed mortgage rates down this week, according to the latest data released Thursday by Freddie Mac.
The 30-year fixed rate average dropped to its lowest level in 19 months, tumbling to 3.89 percent with an average 0.5 point. The last time it was this low was May 30, 2013. The 30-year fixed rate was 3.97 percent a week ago and 4.46 percent a year ago. It was the third week in a row it has remained below 4 percent.
The 15-year fixed-rate average slid to 3.1 percent with an average 0.5 point, its lowest level in six weeks. It was 3.17 percent a week ago and 3.47 percent a year ago.
Hybrid adjustable rate mortgages also fell. The five-year ARM average sank to 2.94 percent with an average 0.5 point, dipping below 3 percent for the first time in a month. It was 3.01 percent a week ago and 2.99 percent a year ago.
The one-year ARM average slipped to 2.41 percent with an average 0.4 point. It was 2.44 percent a week ago.
“Mortgage rates were down across the board on a week of underwhelming economic releases,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement.
“New home sales missed consensus expectations by selling at an annual pace of 458,000 units in October and the National Association of Realtors reported that pending home sales dipped in October by 1.1 percent. The ADP’s estimate for payroll growth in November was 208,000 jobs, under expectations of 225,000.”
Meanwhile, mortgage applications slumped this past week, according to the latest data from the Mortgage Bankers Association.
The market composite index, a measure of total loan application volume, decreased 7.3 percent. The refinance index dropped 13 percent, while the purchase index increased 3 percent.
The refinance share of mortgage activity accounted for 60 percent of all applications.