Interest Rates Fall to Historic Lows

Published on Sep 03, 2010

30-year fixed-rate mortgage averaged 4.32 percent in the week ending Sept. 2, down from 4.36 percent last week. A year ago, 30-year mortgages averaged 5.08 percent.

The average rate on a 15-year fixed-rate mortgage fell to 3.83 percent, down from 3.86. A one-year adjustable-rate mortgage averaged 3.50 percent, down from 3.52 percent.

In New Mexico, a 15-year fixed rate is 4 percent, while a 30-year fixed rate is 4.44 percent, according to MortgageLoan.com.

Mortgage applications rose modestly last week, according to the Mortgage Bankers Association, led by gains among homeowners refinancing existing mortgages. Refinancing activity accounted for 83 percent of all mortgage applications last week.