For the fifth consecutive week, according to what nationalmortgagenews tells MHProNews, the average 30-year fixed-rate mortgage (FRM) has dropped to 3.35 percent, and is now closing in on the record low of 3.31 percent set the week of Nov. 21, 2012. The fixed-rate 15-year mortgage set a new record low at 2.56 percent for the week ending May 2. A one-year average Treasury adjustable-rate mortgage (ARM) fell three basis points to 2.62%. One year ago weekly rate averages were 3.84% for a 30-year FRM and 3.07% for a 15-year FRM. A five-year Treasury hybrid was 2.85 percent, and a one-year Treasury ARM was 2.7 percent.

(Image credit: HousingWire)