Mortgage rates drop to their lowest level of the year this week as yields on U.S. government securities fell, Freddie Mac said Thursday.
Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending May 27, 2010, down from last week when it averaged 4.84 percent. Last year at this time, the 30-year FRM averaged 4.91 percent. It has not been lower since December 3, 2009, when it averaged 4.71 percent.
Primary Mortgage Market Survey [Freddie Mac]