Mortgage rates continue to fall, with fixed-rate mortgage rates reaching new record lows last week for the second consecutive week, Freddie Mac reports in its weekly mortgage market survey.

“Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery,” said Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at mortgage averages for the week ending early due to the holiday on Nov. 21:

• 30-year fixed-rate mortgages averaged a new low of 3.31 percent, with an average 0.7 point, dropping from last week’s 3.34 percent average. A year ago, 30-year rates averaged 3.98 percent.
• 15-year fixed-rate mortgages averaged a new record low of 2.63 percent, with an average 0.7 point, dropping from last week’s 2.65 percent average. Last year at this time, 15-year rates averaged 3.30 percent.
• 5-year adjustable-rate mortgages averaged 2.74 percent, with an average 0.6 point, holding the same as last week’s average. Last year at this time, 5-year ARMs averaged 2.91 percent.
• 1-year ARMs averaged 2.56 percent, with an average 0.5 point, rising slightly from last week’s 2.55 percent average. A year ago, 1-year ARMs averaged 2.79 percent.

Source: Freddie Mac