Mortgage Rates Continue to Drop

Falling rates on U.S. government securities helped push mortgage rates down to the lowest level so far this year. The average rate on a 30-year fixed loans declined this week to 4.84 percent from 4.93 percent a week ago, reported Freddie Mac. Also, 15-year fixed loans fell to 4.24 percent from 4.30 percent; five-year, adjustable-rate mortgages declined to 3.91 percent from 3.95 percent; and one-year ARMs fell to 4 percent from 4.02 percent.

Source: Pittsburgh Post-Gazette (05/21/10)