Mortgage rates slipped slightly last week, causing the average 30-year fixed-rate mortgage (FRM) to fall to the lowest level in three years. That's according to the latest Freddie Mac survey, which showed that for the week ending May 12, the 30-year fixed-rate mortgage averaged 3.57 percent with an average 0.5 point. That's down from the previous week when it averaged 3.61 percent and a year ago when the 30-year averaged 3.85 percent. Here's a peek at a couple other options:
- The 15-year FRM this week averaged 2.81 percent with an average 0.5 point, down from last week when it averaged 2.86 percent. A year ago at this time, the 15-year FRM averaged 3.07 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.78 percent this week with an average 0.5 point, down from last week when it averaged 2.80 percent. A year ago, the 5-year ARM averaged 2.89 percent.
Economists attribute the latest decline to a disappointing April employment report, which kept a lid on Treasury yields.