You may want to take another look at adjustable-rate mortgages…

The 5/1 ARM, which is fixed for five years and annually-adjustable for the remaining 25, hit a new record low this week, according to mortgage financier Freddie Mac.

Mortgage rates on the loan program fell to 3.22 percent during the week ending June 30, down from 3.25 percent last week and 3.79 percent a year ago.

Meanwhile, the popular 30-year fixed-rate mortgage averaged 4.51 percent, up from 4.50 percent last week, but below the 4.58 percent average seen this time last year.

That’s an interest rate spread of 1.29 percent, which could certainly lower your monthly mortgage payment.

I actually compared these two home loan programs just last week: 30 year fixed vs 5/1 year ARM.

(Easy Orange is one of the big proponents of the five-year ARM, though theirs is a balloon mortgage.)

The 15-year fixed remained unchanged at 3.69 percent, but handily beat its year-ago average of 4.04 percent.

Finally, the less attractive one-year ARM stood at 2.97 percent, down from 2.99 percent last week and 3.80 percent a year ago.

Mortgage points (which includes the loan origination fee) averaged 0.7 on fixed mortgages and 0.6 percent on ARMs.

The interest rates above are good for conforming loan amounts at 80 percent loan-to-value; pricing adjustments may increase or lower the rate you ultimately receive, and mortgage points must also be paid.

Jumbo loans continue to price a half percentage point or more higher than conforming mortgages.