Mortgage Giant, Freddie Mac released this weeks Prime Mortgage Market Survey (PMMS) showing the average mortgage rates on a fixed rate mortgage dropping this week!

The surveys reveals the following:

30-year fixed-rate mortgage (FRM) averaged 3.79 percent with an average 0.6 point for the week ending October 22, 2015, showing a drop from last week when it averaged 3.82 percent.

15-year FRM this week averaged 2.98 percent with an average 0.5 point, showing a slight decline from last week when it averaged 3.03 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent this week with an average 0.4 point, up from last week when it averaged 2.88 percent.

1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.2 point, up from last week when it averaged 2.54 percent.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.