Mortgage rates are at record lows, with the 30-year fixed-rate mortgage average declining to 3.84% in the week ending May 3 from 3.88% in the prior week, Freddie Mac said Thursday in its weekly report.
Mortgage rates are at record lows, with the 30-year fixed-rate mortgage average declining to 3.84% in the week ending May 3 from 3.88% in the prior week, Freddie Mac said Thursday in its weekly report. These data go back to 1971. The rate was 4.71% a year earlier. "Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week," said Frank Nothaft, Freddie Mac's chief economist. To obtain the latest 30-year rate, payment of an average 0.8 point was required, according to Freddie, a buyer of residential mortgages. A point is 1% of the mortgage amount, charged in prepaid interest. The 15-year fixed-rate mortgage also fell to a record low, hitting 3.07% in the most recent week, compared with 3.12% in the prior week. These data go back to 1991. In addition, the 1-year Treasury-indexed ARM declined to a record low of 2.70% from 2.74%. These data go back to 1984. Meanwhile, the average rate on the 5-year Treasury-indexed hybrid ARM remained at 2.85%.
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