WASHINGTON – Rates on fixed-rate mortgages hit record lows again this week, with the 30-year fixed-rate mortgage averaging 3.83%, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.84% last week and 4.63% a year ago.
Rates on the 15-year fixed-rate mortgage averaged 3.05% for the week ending May 10, down from 3.07% last week and 3.82% a year ago.
ARM rates were mixed, with the average for the five-year ARM declining to 2.81%, from 2.85% last week; while the average for the one-year ARM inched up to 2.73%, from 2.7%.
“Following April’s weaker-than-expected employment report, and the French and Greek election results raising concerns over the stability of the Euro currency zone, long-term Treasury bond yields declined allowing fixed mortgage rates to ease to new all-time record lows this week,” Frank Nothaft, vice president and chief economist of Freddie Mac, said in a news release.
