Average rates for 30-year and 15-year fixed mortgages fell to record lows for a third straight week.
The steady decline has made home-buying and refinancing more affordable than ever for consumers who can qualify.
Last Thursday, mortgage buyer Freddie Mac said the average rate on 30-year loans dipped to 3.79 percent. That’s down from 3.83 percent the week before and the lowest since long-term mortgages began in the 1950s.
Rates on the 15-year fixed-rate mortgage averaged 3.05 percent for the week ending May 10, down from 3.07 percent the previous week and 3.82 percent a year ago, according to the Freddie Mac survey.
The 15-year mortgage, a popular option for refinancing, declined to 3.04 percent. That’s down from the previous week’s record of 3.05 percent.
Rates on 30-year loans have been below 4 percent since early December.