Mortgage rates drop to a three-year low

Mortgage rates went down for four straight weeks in April, to the point that they were at their lowest since May 2013. According to Bankrate.com's weekly national survey, the 30-year fixed mortgage rate hit 3.72 percent last week, down from 3.75 percent the week before.

The 15-year fixed dropped from 3.01 percent to 2.99 percent, while the 5/1 adjusted rate mortgage touched 3.11 percent, down from 3.12 percent.

These rates are near record lows, and make home-ownership more affordable right in time for the spring home selling season.

Bankrate said that a combination of slow global economic growth, a global recession warning from the International Monetary Fund, and little prospect for a Federal Reserve interest rate hike before June are all contributing factors to the low rates.

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