Mortgage rates at lowest level of the year
Long-term mortgage rates fell to the lowest level of the year this week, after falling for five consecutive weeks.
Freddie Mac's (NYSE: FRE) weekly rate report puts the average 30-year fixed-rate mortgage at 4.93 percent in the week ending May 13, down from 5 percent last week.
A one-year adjustable rate mortgage was 4.02 percent, down from 4.07 percent.
With the homebuyer tax credit now expired, low borrowing rates remain the most attractive incentive for buyers.
The National Association of Realtors this week reported year-over-year housing prices rose in 91 of the nation's 151 largest metropolitan areas. In the Washington area, median prices last quarter were up 4.7 percent from a year ago.