Homebuyer affordability is even greater now with the fixed mortgage rates slipping to new record lows, according to Freddie Mac's ""Primary Mortgage Market Survey"":http://www.freddiemac.com/pmms/.
[IMAGE]The 30-year fixed averaged 3.84 percent (0.8 point) for the week ending May 3, down from the previous record low of 3.87 percent on February 9, 2012. Last week, the 30-year fixed-rate was 3.88 percent, and last year at this time, it averaged 4.71 percent.
The 15-year fixed mortgage averaged 3.07 percent (0.7 point), also below its all-time record low when it was 3.11 percent April 12 of this year. Last week, the 15-year averaged 3.12 percent, and a year ago, it was 3.89 percent.
The 5-year ARM was unchanged from last week's average of 2.85 percent (0.7 point). A year ago, the 5-year ARM was 3.47 percent.
[COLUMN_BREAK]The 1-year ARM also reached a new record low at 2.70 percent (0.6 point). Last week, the 1-year ARM was 2.74 percent and averaged 3.14 percent a year ago.
""Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week,"" said Frank Nothaft, VP and chief economist for Freddie Mac.
One sign of a slowing economy Nothaft mentioned was real Gross Domestic Product, in which he explained rose at an annualized rate of 2.2 percent in the first quarter of this year, a drop from the previous quarter of 3 percent and below the market consensus forecast of 2.5 percent.
""Bankrate.com's"":http://www.bankrate.com/ weekly national survey aligned with trends seen in Freddie's survey by also reporting declines and record low numbers.
The 30-year fixed mortgage slipped to 4.05 percent, a drop from last week's 4.09 percent.
The 15-year fell to 3.25 percent, a record low and decline compared to last week's average of 3.28 percent.
Adjustable mortgage rates were mixed, with the average 3-year ARM moving upward to 3.07 percent, while the 5-year ARM tied with February's record low of 3.02 percent.
Bankrate's survey includes data provided by the top 10 banks and thrifts in the top 10 markets.