Home buying got even more affordable this week as mortgage rates continue to ride low, breaking records, and increase home buyer affordability.

For the fourth consecutive week, 30-year fixed-rate mortgages, the most popular choice of borrowers, reached a new all-time low while 15-year fixed-rate mortgages held steady at its all-time low set last week, according to Freddie Mac’s weekly mortgage market survey.

"Mortgage rates were virtually unchanged this week with fixed-rate loans remaining at record lows and helping to drive home buyer affordability,” Frank Nothaft, Freddie Mac’s chief economist.

Indeed, housing affordability reached an all-time record high in the first quarter, according to the National Association of REALTORS®’ Housing Affordability Index.

Here’s a closer look at how mortgage rates fared for the week ending May 24, according to Freddie Mac:

• 30-year fixed-rate mortgages: averaged a new record of 3.78 percent, with an average 0.8 point, dropping from last week’s previous record low of 3.79 percent. A year ago at this time, 30-year rates averaged 4.60 percent.
• 15-year fixed-rate mortgages: averaged 3.04 percent, with an average 0.7 point, holding steady at the record low it set last week. Last year at this time, 15-year rates averaged 3.78 percent.
• 5-year adjustable-rate mortgages: averaged 2.83 percent, with an average 0.6 point, also unchanged from last week’s average. Last year at this time, 5-year ARMs averaged 3.41 percent.
• 1-year ARMs: averaged 2.75 percent, with an average 0.4 point, dropping from last week’s 2.78 percent average. A year ago, 1-year ARMs averaged 3.11 percent.

Source: Freddie Mac