Hello neighbors,

According to Freddie Mac's recent weekly survey, mortgage rates continue to decline and set new record lows in two weekly surveys.

The survey showed an average interest rate of 4.78% with a 0.7 origination point for 30-year fixed rate mortgages (FRM) ending the week of May 27th. This was a decrease from last week's 4.84% and a decrease from last year's 30-year FRM average of 4.91%. This is Freddie Mac's lowest average since December 3rd's average of 4.71%.

As for the 15-year FRM, the weekly survey showed a rate of 4.21% with an average 0.7 point, a decrease from last week's average of 4.24% and last year's 4.53%. This rate has proven to be the lowest since Freddie Mac began tracking the product in 1991.

As for the five-year Treasury-indexed hybrid ARM average, Freddie's survey reported an average of 3.97% with an average 0.7 point. This number was an increase from last week's average of 3.91%. A year ago the five-year ARM averaged 4.82%.

The one-year treasury- indexed ARM averaged 3.95% with an average 0.6 point which was a decrease from last week's average of 4%. A year ago, this average was sitting at 4.69%. This week's average is the lowest one-year ARM average since May 27, 2004 when it averaged 3.87%.