Average fixed mortgage rates moved lower for the fifth consecutive week in Freddie Mac’s survey, with the 30-year fixed-rate mortgage dropping five basis points from the previous week to 3.35%, just above its all-time record low of 3.31% set the week of Nov. 21, 2012.
Also the 15-year fixed-rate mortgage set a new all-time record low the week ending May 2 at 2.56%, eclipsing the record set last week.
The average five-year Treasury-indexed hybrid rate dropped two basis points to 2.56%, and the average rate for a one-year Treasury adjustable-rate mortgage fell three basis points to 2.62%.
"Mortgage rates eased somewhat following the release of the advance estimate of real [gross domestic product] growth for the first quarter of the year, which rose 2.5% but fell short of the market consensus forecast,” said Frank Nothaft, vice president and chief economist, Freddie Mac, in a press release.
Average points in the latest week were as follows: 0.7 of a point for 30-year FRMs and 15-year FRMs, 0.5 of a point for five-year Treasury hybrids and 0.3 of a point for one-year Treasury ARMs.
