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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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