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May begins with drop in mortgage rates


Mortgage rates fell during early May.

While some experts maintain the housing market can't get any more affordable for prospective borrowers, it happened again to start May, as home loan rates once again declined.

The 30-year fixed-rate mortgage average was 3.35 percent during the week ending May 2, according to a report from government-sponsored enterprise Freddie Mac. This was slightly lower than the previous week's average of 3.4 percent. For 15-year FRMs, the average dropped to 2.56 percent from 2.61 percent a week earlier - a new record-low level for the loan type.

"Mortgage rates eased somewhat following the release of the advance estimate of real GDP growth for the first quarter of the year, which rose 2.5 percent but fell short of the market consensus forecast," said Frank Nothaft, chief economist for Freddie Mac. "The latest GDP report confirmed that the housing sector has become an important contributor to the economic recovery."

As can be expected with yet another fall in rate averages, the level of loan applications saw an improvement. A report from the Mortgage Bankers Association showed its Market Composite Index improved nearly 2 percent during the week ending April 26 compared to one week earlier.

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