Yesterday, Freddie Mac released the results of its Primary Mortgage Market Survey showing the 30-year fixed-rate mortgage averaged 4.78% for the week ending May 27, 2010, down from last week when it averaged 4.84%. Last year at this time, the 30-year FRM averaged 4.91%. The 30-year FRM has not been lower since the week ending December 3, 2009, when it averaged 4.71%.

These low rates will help to elevate home-buyer affordability and soften the effects of the end of the home-buyer tax credit.  The credit substantially propelled home sales, as reflected in the strength of the April existing and new home sales, which were up 7.6 percent and 14.8 percent, respectively.