Once again, mortgage rates hit new record lows, this time occurring during the week ending May 17, Freddie Mac reports.
According to the mortgage giant's Primary Mortgage Market Survey, the average rate for a 15-year fixed-rate mortgage declined on a weekly basis, falling from 3.05 percent to 3.04 percent.
Also decreasing was the average for a 30-year FRM, which dipped from 3.83 to 3.79 percent on a week-to-week basis, the government-sponsored enterprise reports.
"The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week," said Frank Nothaft, vice president and chief economist for Freddie Mac.
The slip in rates could lead to many homes for sale coming off the real estate listings this spring. A number of reports, including one from The Demand Institute, have shown the housing market appears to be recovering at quicker pace thus far this year.