New record lows were recorded as the 15-year fixed-rate mortgage (FRM) averaged an unprecedented 2.97% for the week ending May 31, bringing three of the four benchmark mortgage rates below 3% for the first time in Freddie Mac's weekly survey.
The 15-year FRM this week averaged 2.97% with an average 0.7 point, down from last week when it averaged 3.04%. A year ago at this time, the 15-year FRM averaged 3.74%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84% this week, with an average 0.6 point, up from last week when it averaged 2.83%. A year ago, it averaged 3.41%.
The one-year Treasury-indexed ARM averaged 2.75% this week with an average 0.4 point, unchanged from last week. At this time last year, it averaged 3.13%.Â Â
Above the 3% mark was the 30-year FRM, which averaged 3.75% with an average 0.8 point for the week, down from 3.78% last week and down from 4.55% one year ago.