Freddie Mac reported Thursday, January 17th, that 30-year-fixed-rate mortgages averaged 5.69 percent.  We're three weeks with 30-year mortgages below 6 percent.  We closed 2007 at 6.17 percent and since the beginning of 2008 it has dropped.

Rates on 15-year mortgages dropped to 5.21 percent, down from 5.43 percent last week.

Rates on five-year adjustable-rate mortgages down to 5.40 percent, compared to 5.63 percent last week while rates on one-year ARMs fell to 5.26 percent, down from 5.37 percent last week.

This is the first time in seven years that the 15-year rate has fallen below one-year adjustable-rate mortgages.

A year ago, 30-year mortgages were at 6.23 percent while rates on 15-year mortgages were at 5.98 percent.  Five-year adjustable-rate mortgages averaged 6.04 percent and one-year ARMs were at 5.52 percent this time a year ago.

If you are considering buying a home, now is a great time with a history low on mortgage rates!