Mortgage rates have dropped again – New All Time Lowest Rates

WASHINGTON (MarketWatch) — Mortgage rates have dropped again, continuing to support housing affordability, with the average rate on the 15-year fixed-rate mortgage hitting a record low of 2.56% in the week ending May 2, down from 2.61% in the prior week, Freddie Mac said Thursday in its weekly report. These data go back to1991. A year ago, the 15-year rate was 3.07%. “Mortgage rates eased somewhat following the release of the advance estimate of real GDP growth for the first quarter of the year, which rose 2.5%, but fell short of the market consensus forecast. Near record low mortgage rates should further drive the housing market recovery over the near term,” said Frank Nothaft, Freddie’s chief economist. Meanwhile, the popular 30-year fixed-rate mortgage declined to 3.35% in the latest week from 3.40% in the prior week, moving closer to a record low of 3.31%. The average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage also hit a record low in the latest week, declining to 2.56% from 2.58% in the prior week. The data on the 5-year mortgage go back to 2005. The 1-year Treasury-indexed ARM also declined to 2.56% in the latest week, down from 2.62% in the prior week.