Long-term loans get cheaper in week

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WASHINGTON, May 10 (UPI) -- Average mortgage rates for long-term, fixed-rate loans fell to record lows for the second consecutive week, the Federal Home Loan Mortgage Corp. said.

In the week ending Thursday, average rates for 30-year contracts dropped from 3.84 percent to 3.83 percent with 0.7 points. Thirty-year mortgage rates averaged 4.63 percent the same week of 2011.

Average rates on 15-year contracts fell from 3.07 percent to 3.05 percent with 0.7 points, also setting a record low.

A year earlier, rates on 15-year contracts stood at 3.82 percent.

Five-year adjustable rate mortgages averaged 2.81 percent in the week with an average 0.5 points, down from 2.85 percent in the previous week.

A year earlier, five-year adjustable rate contracts averaged 3.41 percent.

Average rates on one-year treasury-indexed adjustable mortgages rose from 2.7 percent to 2.73 percent with 0.5 points. A year ago, rates for these loans averaged 3.11 percent.