Mortgage rates continue to drop

The primary mortgage market survey, conducted by Freddie Mac, showed that fixed-mortgage rates dropped for the sixth straight week. The 30-year fixed-rate averaged 4.60 percent, which was down from 4.61 percent last week, according to the survey. A year ago, the rate averaged 4.84 percent.

"Fixed mortgage rates eased slightly for the sixth consecutive week amid reports of slower economic activity. The index of leading indicators fell 0.3 percent in April and represented the first monthly decline since June 2010. In addition, the Federal Reserve banks reported less business and manufacturing activity in Philadelphia, Chicago and Richmond," said Frank Nothaft, vice president of Freddie Mac.

The 15-year fixed-rate mortgage was down from 3.80 percent last week, averaging 3.78 percent, according to Freddie Mac. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.41 percent, down from 3.97 percent a year ago.

Experts think the sale price of homes across the country may be getting close to bottoming out, which may be good news for people looking to relocate. When moving into a new home people can pay additional money upfront to lenders, which can lower rates even further, according to the L.A. Times. 

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