Interest Rates Fall

Mortgage rates continued to creep down near record lows this week, according to reports from Freddie Mac and Bankrate.com. Rates fell all around in Freddie Mac's Primary Mortgage Market Survey for the week ending May 2. According to the weekly survey, the 30-year fixed-rate mortgage (FRM) averaged 3.35 percent (0.7 point) this week, down from 3.40 percent last week. The all-time low average is 3.31 percent, set the week of November 21, 2012. For the second week in a row, the 15-year FRM reached a new low, falling to 2.56 percent (0.7 point).