Mortgage Rates Fall Back Near 2016 Lows: Freddie Mac

Mortgage rates are now hovering just above their low point for the year, according to Freddie Mac.

Freddie Mac said in its Primary Mortgage Market Survey released Thursday that average fixed mortgage rates fell following the Federal Reserve's decision last week to not raise short-term interest rates.

The 30-year fixed-rate mortgage averaged 3.61% for the week ending May 5, down from last week when it averaged 3.66%. A year ago, the 30-year fixed-rate mortgage averaged 3.8%. The survey's lowest point in 2016 was April 14, when rates averaged 3.58%.

The 15-year fixed-rate mortgage averaged 2.86%, down from last week when it averaged 2.89%. A year ago, the 15-year fixed-rate mortgage averaged 3.02%.

"The Fed's decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower," said Sean Becketti, chief economist at Freddie Mac.

"As a consequence, the 30-year mortgage rate drifted down to 3.61%, just 3 basis points above the low for the year."