European concerns' effect on the larger market drove the average weekly rate for a 30-year fixed rate mortgage down to 4%, a level Freddie Mac said is the second-lowest ever.
The average rate for the 30-year was only lower during the week ending Oct. 6 when it was 3.94%.
The current weekly average for the 30-year rate is down 10 basis points from last week.
During the week ending Nov. 3, the average 15-year FRM rate, at 3.31%, was down 7 bps from the previous week. The average rate for a five-year Treasury indexed hybrid adjustable-rate mortgage, at 2.96%, fell 12 bps week-to-week; and the average one-year Treasury ARM rate dropped 2 bps to 2.88%.
Points averaged 0.7 of a point for FRMs and 0.6 for ARMs.
A year ago, the 30-year rate was 4.24%, the 15-year rate was 3.63%, the five-year Treasury hybrid rate was 3.39% and the one-year Treasury ARM rate was 3.26%.
