Rates Decline

The average 30-year fixed mortgage rate fell to 5.70% for the week ending May 2 from 5.79% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.12% to 5.03%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages decreased from 3.79% to 3.74%. Fees and points averaged 0.6 points for all three mortgage categories. "Mortgage rates dropped for the third week in a row, bringing rates closer to the 40-year record low that was set in March of this year," said Frank Nothaft, Freddie Mac's chief economist. "As a matter of fact, mortgage rates have fallen enough over the last few months that families who refinanced in 2001 are now able to do so again, according to the results of Freddie Mac's quarterly refinance review released [April 30]." A year ago, the average 30-year and 15-year fixed rates were 6.78% and 6.26%, respectively, and the average one-year ARM rate was 4.75%, Freddie Mac said.