30-year mortgage rate hits record low of 3.83% (by Ruth Mantell)

WASHINGTON (MarketWatch) - Following weak jobs data and stability concerns for Europe, mortgage rates hit record lows in the week ending May 10, with the 30-year fixed-rate mortgage average ticking down to 3.83% from 3.84% in the prior week, Freddie Mac said Thursday in its weekly report. These data go back to 1971. The rate was 4.63% a year earlier. To obtain the latest 30-year rate, payment of an average 0.7 point was required, according to Freddie, a buyer of residential mortgages. The 15-year fixed-rate mortgage also fell to a record low, hitting 3.05% in the most recent week, compared with 3.07% in the prior week. These data go back to 1991. Meanwhile, the average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage remained near a record low, declining to 2.81% from 2.85%. The 1-year Treasury-indexed ARM rose to 2.73% from a record low of 2.70% in the prior week.