Fixed mortgage rates have hit NEW ALL-TIME RECORD LOWS, as the 30-year fixed-rate mortgage averaged 3.84 percent, with an average 0.8 point for the week ending May 3, 2012, down from last week when it averaged 3.88 percent.

Last year at this time, the 30-year fixed rate averaged 4.71 percent. The 15-year fixed rate this week averaged 3.07 percent with an average 0.7 point, down from last week when it averaged 3.12 percent. A year ago at this time, the 15-year fixed rate averaged 3.89 percent.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week, with an average 0.7 point, unchanged from last week when it averaged 2.85 percent.

A year ago, the five-year ARM averaged 3.47 percent. The one-year Treasury-indexed ARM averaged 2.70 percent this week with an average 0.6 point, down from last week when it averaged 2.74 percent. At this time last year, the one-year ARM averaged 3.14 percent