Weekly Mortgage Rate Recap - As of Oct. 7th

According to Freddie Mac's Weekly Mortgage Survey, 30 year fixed mortgage rates and 5/1 ARM mortgage rates dropped to break the the survey's all-time low benchmark! 30 year year fixed rates averaged 4.27% with .8 pts which is lower than last week when they were at 4.32%.

15 year fixed rate mortgages were also at the survey's all-time record low at 3.72% with .7pts. This was a hair lower than last week's 3.75%.

5 year treasury indexed hybrid ARM mortgages average 3.47% with .6 pts which was down from 3.52% from the previous week.

The survey noted that housing affordibilty improved for the second consecutive month in August according to NAR. Pending homes sales also increased for the second straight month at the most rapid pace in the previous four months.

Source: http://www.freddiemac.com/pmms/release.html?week=40&year=2010

How about today's rates?

A quick glance of mortgage companies today on ForTheBestRate.com showed:

LoanDepot advertising a 30 year fixed rate mortgage in North Carolina at 4.000% with 1 point, $1595 in fees, and an APR of 4.151%.

Gateway Bank Mortgage was also posting 30 year fixed mortgage rates at a note rate of 4.000% with .75 pts and only $875 in fees - APR of 4.099%.