Mortgage rates edge down

Rates on 30-year fixed-rate mortgages averaged 4.29 percent with an average point of 0.7 for the week ending May 1, down from 4.33 percent last week but up from 3.35 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.

Freddie Mac also reported that rates on 15-year fixed-rate mortgages slid, while rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans and one-year Treasury-indexed ARMs increased.

Source: Freddie Mac