Mortgage Giant, Freddie Mac released this weeks Prime Mortgage Market Survey (PMMS) showing the average mortgage rates on a fixed rate mortgage sinking to their lowest point since May of 2013!

The surveys reveals the following:

30-year fixed-rate mortgage (FRM) averaged 3.58 percent with an average 0.5 point for the week ending April 14, 2016, showing a slight drop from last week when it averaged 3.59 percent.

15-year fixed-rate mortgage (FRM) this week averaged 2.86 percent with an average 0.5 point, showing a decline from last week when it averaged 2.88 percent.

5/1-year adjusted-rate mortgage (ARM) averaged 2.84 percent this week with an average 0.4 point and a 2.73 margin , down from last week when it averaged 2.82 percent.

Mortgage rates tend to follow long term Treasury notes and as the demand for Treasuries continues to remain high due to thefear of global uncertainty,falling oil prices and economic slowdown worldwide, the yields are diving to the lowest point since February.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.