30-Year Rate Keeps Sliding

The average 30-year fixed mortgage rate fell to another survey-record low of 5.31% for the week ending May 30 from 5.34% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate was unchanged at 4.73%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages rose from 3.61% to 3.63%. Fees and points averaged 0.6 points for all three mortgage categories. "Low rates, combined with the uptick in consumer confidence, are strong indications that the housing market will continue to prosper into the summer months," said Frank Nothaft, Freddie Mac's chief economist. "As it is, both new- and existing-home sales in April were stronger than originally expected." A year ago, the average 30-year and 15-year fixed rates were 6.76% and 6.22%, respectively, and the average one-year ARM rate was 4.76%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.