Fixed rates fell this week -- the same week last year when rates spiked on speculation that the Fed would begin tapering its bond purchases.
"Mortgage rates were down following the release of first quarter real GDP final estimate, which fell at a 2.9 percent annualized rate, a steeper than expected decline and the worst reading since the first quarter of 2009," said Frank Nothaft, Freddie Mac chief economist and vice president. "Also, the seasonally-adjusted S&P/Case-Shiller 20-city home price index was up only 0.2 percent in April from the previous month. On a year-over-year basis, prices remained strong in April up 10.8 percent, but slower than the 12.3 percent in March."
The 30-year fixed-rate mortgage averaged 4.14% this week, down from last week's 4.17%. Last year at this time, the 30-year FRM averaged 4.46%.
The 15-year FRM averaged 3.22% this week, down from last week's average of 3.30%. A year ago, the 15-year FRM averaged 3.50%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.98% this week, down from last week's 3.00%. Last year at this time, the 5-year ARM averaged 3.08%.
The 1-year ARM averaged 2.40% this week, down from last week's average of 2.41%. A year ago at this time, the 1-year ARM averaged 2.66%.