Mortgage Rates Drift Lower

Washington, DC, May 6, 2011 -- The average rate on the 30-year mortgage reached its lowest level since mid-January this week, according to Freddie Mac’s weekly survey released Thursday.

The mortgage averaged 4.71% for the week ending May 5, down from 4.78% last week and 5% a year ago, according to the survey.

The 15-year fixed-rate mortgage averaged 3.89% this week, the lowest since the beginning of the year. It averaged 3.97% last week and 4.36% a year ago.

“Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week,” said Frank Nothaft, vice president and chief economist at Freddie Mac.