According to data released yesterday by Freddie Mac, 30-year mortgage rates fell to 4.78% this week, which is close to an all-time historical low. The 4.78% rate this week matches several previous weeks last April and December of 4.78%, and is just slightly above the all-time low of 4.71% in the first week of December 2009 (see chart above, data here).
Gas prices (national average) have dropped over the last month, except for a small increase yesterday. Compared to $2.94 per gallon earlier in May, average gas prices at the pump have fallen about 17 cents to $2.77, which is about a 6% decrease (data here).
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