According to Freddie Mac's Primary Mortgage Market Survey (PMMS), over the week ending May 3, the average rate for a 15-year fixed-rate mortgage decreased 5 basis points (bps) to 2.56 percent.

The average rate for a 30-year fixed-rate mortgage decreased 5 bps to 3.35 percent.

Mortgage Rates, weekly average, percent

Additional detail:

  • For the second week in a row, the 15-year fixed rate mortgage has declined to a record low.
  • The 30-year fixed rate mortgage has fallen for the fifth week in a row and is nearing the series' record low of 3.31 percent, which it reached in the week ending November 23, 2012.