Mortgage Rates Drop to Record Lows

May 4th, 2012

Mortgage rates plummeted to record lows, with the average interest rate on 30-year, fixed-rate mortgages dropping to 3.84 percent this week from 3.88 percent last week, Freddie Mac reported yesterday. The previous record of 3.87 percent was last registered in the week of Feb. 9. A year ago, rates for 30-year mortgages averaged 4.71 percent.

Rates on 15-year fixed-rate mortgages averaged a record 3.07 percent this week, down from 3.12 percent last week and 3.89 percent a year ago. The other record-setter was the one-year Treasury-indexed ARM, which averaged 2.70 percent, down from 2.74 percent last week and 3.14 percent a year ago.

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