Mortgage rates fell at the beginning of the month, with the average rate on 30-year fixed-rate mortgages falling below 5% to a four-month low, according to Freddie Mac's weekly survey. Meanwhile, the 15-year fixed-rate dropped to 4.36%, the lowest figure since Freddie began tracking such mortgages in 1991. The average rate was 4.46% last week and 5.78% last year. Five-year Treasury-indexed hybrid adjustable-rate mortgages also hit a low, dropping to 4.42% from 4.51% and 6%, respectively. The 30-year, fixed-rate mortgage averaged 4.94% for the week ended Thursday, down from last week's 5.04% average and 6.1% a year ago. The last time the 30-year fixed-rate mortgage was below 5% was the week ending May 28, when it averaged 4.91%. Meanwhile, one-year Treasury-indexed ARMs were at 4.49%, down from 4.52% last week and 5.12% last year.

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