Record Breaking Mortgage Rates Continue

By Liz Clinger Updated on 5/31/2012

30-year fixed rate mortgages have reached all-time lows for the fifth week in a row, averaging 3.75%, a 0.03% decrease from last week’s record low of 3.78% and down 0.8% from this time last year, according to the Freddie Mac survey.

15-year fixed rate mortgages have hit under 3% for the first time in history, reaching a 2.97% average, down 0.07% from last week’s 3.04% average and down 0.77% from the 3.74% average this time last year.

Treasury-indexed adjustable rate mortgages are also sitting under the 3% rate average. While 1-year TI ARM’s remained the same as last week at 2.75%, 5-year TI ARM’s raised 0.01% to reach 2.84% over last week’s average of 2.83%.

Bankrate, a home loan analytics firm that surveys large banks reports that 30-year fixed rate mortgages dropped to 3.94% from last week’s 3.97% average, 15-year fixed rate mortgages dropped to 3.15% from last week’s 3.19% and 5/1 adjustable rate mortgages dropped 0.01% to reach 3.01% under last weeks 3.02%.