A 30-year fixed-rate mortgage averaged 4.78% this week, according to data released today by mortgage giant Freddie Mac.
The rate represented a drop from the previous week of 4.85%. Last year at this time, the average rate was 5.88%.
The 15-year fix-rate mortgage averaged 4.52%, compared with 4.58% last week. A year ago at this time, the rate was 5.42%.
"Mortgage rates followed other interest rates lower this week amid reports of slower economic growth," said Freddie Mac Vice President Frank Nothaft in a statement.