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According to reports from Freddie Mac and Mortgage rates, which have been declining for 7 consecutive weeks, approach record low.


This weeka 30-year fixed-rate mortgage averaged 3.35 %, down from 3.40 % last week. The all-time low average is 3.31%, set the week of November 21, 2012. In May of last year, the 30-year FRM averaged 3.84%.


For the second consecutive week, the 15-year fixed-rate mortgage reached a record low of  2.56%.  Adjustable rates also dropped, with the 5-year ARM averaging 2.56% and the 1-year ARM averaging 2.56%.


The climate continues to be optimistic with Bankrate stating: “…. there is every reason to believe that mortgage rates will remain at these ultra-low levels for some time.”


See full article in, By Tory Barringer, May 2, 2012