The average rate for a conventional 30-year, fixed-rate mortgage dropped below 4% for the first time in history amid increasing global concerns, according to Freddie Mac. The 30-year FRM averaged 3.94% with an average of 0.8 point for the week ending Oct. 6. Last year at this time, the 30-year FRM averaged 4.27%. The 15-year, fixed-rate mortgage also fell to the lowest level on record for the sixth consecutive week, averaging 3.26% with an average 0.8 point, down from 3.28% a week ago and 3.72% a year ago. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.96%, with an average 0.6 point, down from 3.02% last week and 3.47% a year ago. Interest rates for 1-year ARMs, however, rose, as the Federal Reserve began replacing $400 billion of its short-term Treasury securities, which serve as benchmarks for many ARMs. The one-year Treasury-indexed ARM averaged 2.95% this week with an average 0.5 point, up from last week when it averaged 2.83%. At this time last year, the 1-year ARM averaged 3.4%. Rates dropped amid growing concerns over a global recession. Consumer spending inched up 0.2%in August, but personal income fell 0.1%, the first decline since October 2009. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.