Freddie Survey Finds Average Weekly 30-Year Rate Drops to 5%

The average rate for a 30-year mortgage rate dropped to 5% and as of Thursday noon the benchmark 10-year Treasury yield had hit a low of 3.46%, a level not seen in several months. According to Freddie Mac's Primary Mortgage Market Survey for the week ended May 6 the average rate for the 30-year mortgage was down from 5.06% the week previous but up from 4.84% a year ago. The average 15-year FRM rate during the week ended May 6 was 4.36%, down from 4.39% the previous week and 4.51% a year ago. The average five-year hybrid Treasury adjustable-rate mortgage rate was 3.97%, down from 4% the week previous and 4.90% a year ago. The average one-year Treasury ARM rate was 4.07%, down from 4.25% the previous week and 4.78% a year ago. Average points were 0.7 for FRMs and hybrids and 0.6 for one-year Treasury ARMs.