30-year-mortgage Rate Inches Down To 3.84%

The average rate for a 30-year fixed-rate mortgage ticked lower to 3.84% in the week that ended May 21 from the prior week's average of 3.85%, which was the highest in two months, according to a Thursday report from federally controlled mortgage-buyer Freddie Mac. "Mortgage rates were little changed this week amid positive housing news," said Len Kiefer, Freddie's deputy chief economist. A year ago, the 30-year rate was at 4.14%. A record low of 3.31% for the 30-year mortgage was hit in November 2012. The average rate for the 15-year fixed-rate mortgage decreased to 3.05% in the latest week from 3.07% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage declined to 2.88% from 2.89%. The rate for a 1-year Treasury-indexed ARM rose to 2.51% from 2.48%.