Mortgage buyer, Freddie Mac reported this morning that the average rates on both the 30-year and 15-year fixed rate loans plummeted this week, reaching new record-lows. According to Freddie Mac’s weekly survey, the 30-year FRM ticked down to 3.53% from the previous 3.56% it held a week earlier. Good news for borrowers, who are able to qualify for rock bottom rates, that the average rate on the 15-year fixed mortgage tumbled to 2.83%, which is below the previous record-low 2.86%.

Besides fixed rate mortgages, the more flexible adjustable rate loans have seen some changes as well. Now, the 5-year hybrid ARM has an average rate of 2.69%, that’s down from 2.74% that it carried a week earlier. On the other hand, the 1-year ARM, remained unchanged at 2.69% this week.

In other news, earlier this week the Mortgage Bankers Association (MBA) published the results of its weekly national survey. According to the MBA’s findings, the Market Composite Index, which measures the overall mortgage activity, surged 16.9%, during the week ended July 13. The significant rise in mortgage applications was driven by record-low mortgage rates. Refinance applications posted the biggest jump last week, as they gained 21.6%, while loan requests for home purchases slipped 0.1% on a seasonally adjusted basis.

Today’s mortgage report include current rates at Chase (NYSE:JPM), Branch Banking and Trust (NYSE:BBT) and Bank of America (NYSE:BAC). Starting with fixed rate loans at Chase, interested borrowers can get the 30-year fixed mortgage locked in for as low as 3.750% and an APR sum of 3.854%. Would-be customers, who believe that the 15-year FRM version fits the bill better, can expect to pay 3.000% in interest and 3.126% by way of annual percentage rate.

Regarding Chase’s ARM packages, this Thursday sees the 7/1 ARM being offered for 2.625% which carries an APR variable of 3.087%. The 5/1 ARM is still floating around 2.375% and bears an APR figure of 3.078%.

Another top lender, BB&T Bank offers the benchmark 30-year fixed mortgage loan for home refinancing at a rate of 3.625% plus an APR of 3.711%. The 15-year fixed rate mortgage, which is especially popular among home refinancers, is starting at 3.125% and has an APR variable of 3.241%.

Those who prefer other type of home refinancing options, should take a look at BB&T Bank’s 30-year fixed FHA which has a daily low of 3.250% and holds an annual percentage rate of 3.477%.

Bank of America, one of the biggest mortgage lender in the U.S., advertises the 30-year fixed rate package at a rate of 3.875% with an APR amounting to 4.014%. Others, who are more interested in shorter-term fixed rate loans, will see the 15-year FRM being up for grabs at a rate of 3.125% and an APR of 3.388%.

ARM loans come with more flexible conditions than fixed rate deals, therefore they may be suitable alternatives for some borrowers. Today, the 7/1 ARM can be locked in for a respectable 2.750% and comes with an APR of 3.250%. As for the 5/1 ARM, interested borrowers will encounter an opening rate in the form of 2.500% and an APR figure of 3.205%.