Adjustable-rate mortgages fell to 8.74 percent, from 8.98 percent, compared with a rate a year earlier of 9.70 percent.

Fixed-rate mortgages, which were 10.61 percent at the beginning of the year, have fallen into single digits.

During the same period, adjustable-rate mortgages with limits on rate changes fell to 8.79 percent from a revised 8.90 percent.

Mortgage holders (on discovering that the mortgage fell due in 1848, not 1854 as thought) sued for repossession.

Fixed-rate mortgages have fallen to 9.1 percent, the lowest level in nine years.

These variable-rate mortgages rise or fall with a particular financial index.

"But we think that 30-year fixed-rate mortgages will only fall by another 50 basis points," from a current average level of a little over 9.50 percent.

Fixed-rate mortgages fell to around 9 percent, a nine-year low, in March.

Variable-rate mortgages have fallen only half a point, on average, to 9.3 percent.

In the last two weeks alone, the average 30-year fixed mortgage has fallen to 7.18 from 7.33 percent.