Baltimore mortgage rates dropped again last week, the 10th time in the last 13 weeks that rates have fallen, tying a record low. It seems that the lackluster economy is now the only thing keeping people from taking advantage of them.

The benchmark 30-year fixed-rate mortgage fell 3 basis points this week, to 4.74 percent, according a national survey of large lenders. One basis point is equal to one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.39 discount and origination points. One year ago, the rate stood at 5.55 percent.  Just four weeks ago it was 4.81 percent.

The benchmark 15-year fixed-rate mortgage dropped 5 basis points to 4.18 percent. The benchmark 5/1 adjustable-rate mortgage fell 6 basis points, to 4.06 percent. Also sinking was the average jumbo 30-year fixed, which fell 7 basis points, to an all-time low of 5.43 percent.

In the 25-year history of the weekly mortgage rate survey, this week’s 30-year mark of 4.74 percent ties the record low, which was set the week of July 7.

The 15-year fixed also tied a record low set on July 7, while the 5/1 ARM and the 30-year jumbo hit new lows.

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President Obama’s mortgage program appears to officially be a bust.

Over 1 million borrowers who previously signed up for the $75 billion mortgage modification program have gotten out of the program.  That number far and away exceeds the number of people who have managed to have their loan payments lowered in order to help them stay in their homes.

In May alone, over 150,000 people exited the troubled program.

About 340,000 homeowners have received permanent loan modifications and are making payments on time.

Read more on the program’s massive failure here.

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Baltimore mortgage rates are remarkably good, with the 30-year fixed remaining unchanged from the previous week’s record low.

The benchmark 30-year fixed-rate mortgage remained at 4.88 percent this week, according to a national survey of large lenders. The mortgages in the survey this week had an average total of 0.48 discount and origination points. One year ago the mortgage index was 5.76 percent.  Four weeks ago it was 4.96 percent.

The benchmark 15-year fixed-rate mortgage fell 1 basis point, to 4.32 percent. A basis point is one-hundredth of 1 percentage point. The benchmark 5/1 adjustable-rate mortgage rose 3 basis points, to 4.19 percent.

In the nearly 25-year history of the weekly Baltimore mortgage rate survey, the 30-year fixed rate mortgage has fallen below 5 percent only five times, and all five times were within the past five weeks.

Refi Surge

According to the Mortgage Bankers Association, refinance applications went up 21 percent last week, as homeowners recognized the rare chance to grab rates at their lowest. They created the busiest refi surge since May 2009. Three-quarters of mortgage applicants were homeowners who wanted to refinance.

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