Greetings neighbors,

Mortgage rates continue to decline according to a recent survey by Freddie Mac. In a weekly survey, rates actually fell below 5 percent.

According to Freddie Mac's weekly survey, the average rate of 30-year FRM's came in at 4.93% with an average origination point of 0.7 for the week ending May 13th. This rate is less than last week's 5%. Last year's 30-year FRM at this time averaged 4.86%. This is also the lowest average since December 10, 2009 when the 30-year FRM averaged 4.81%.

In addition, Freddie Mac's survey listed the average rate of 4.3% with an average 0.6 point for 15-year FRM's which was down from last week's average of 4.36%. This week's average was also down from last year's average rate of 4.52%. In addition, this is the lowest average rate for 15-year FRM's since December 3, 2009's average rate of 4.27% according to Freddie Mac.

As for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM), Freddie Mac showed an average 3.95% with an average point of 0.6 for this week. This number is also down in comparison to last week's average of 3.97%. When comparing to last year's average rate of 4.82%, this week's number is slightly higher. The average rate for the 5-year Treasury-indexed hybrid ARM has not been this low since January 2005.

Last but not least, Freddie Mac reported the one-year Treasury indexed ARM at 4.02% with an average point of 0.6 this week, which is down from last week's average of 4.07% and last year's 4.71%. According to Freddie Mac, this is the lowest average since November 4, 2004 when the one-year Treasury indexed ARM came in at 4%.