Fixed-rate mortgages hit record lows

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WASHINGTON, May 3 (UPI) -- Average U.S. mortgage rates for long-term, fixed-rate contracts reached record lows in the week, the Federal Home Loan Mortgage Corp. said.

In the week ending Thursday, average rates for 30-year contracts dropped from 3.88 percent with 0.7 points to 3.84 percent -- a record low -- with 0.8 points. Thirty-year mortgage rates averaged 4.71 percent the same week of 2011.

Average rates on 15-year contracts averaged 3.07 percent, down from 3.12 percent with 0.7 points, also setting a record low.

A year earlier, rates on 15-year contracts stood at 3.89 percent.

Five-year adjustable rate mortgages averaged 2.85 percent in the week with an average 0.7 points, unchanged in the week.

A year earlier, five-year adjustable rate contracts averaged 3.47 percent.

Average rates on one-year treasury-indexed adjustable mortgages fell from 2.74 percent to 2.7 percent with 0.6 points. A year ago, rates for these loans averaged 3.14 percent.