CHICAGO (MarketWatch) — Average interest rates on fixed-rate mortgages hit record lows in the most recent Freddie Mac survey of conforming rates, released on Thursday.

Rates on the 30-year fixed-rate mortgage averaged 3.84% for the week ending May 3, down from 3.88% last week and 4.71% a year ago.

Reuters

Fifteen-year fixed-rate mortgages averaged 3.07%, down from 3.12% last week and 3.89% a year ago.

Meanwhile, rates on 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.85%, unchanged from last week and down from 3.47% a year ago.

And 1-year Treasury-indexed ARMs also hit a record low at 2.7%, down from 2.74% last week and 3.14% a year ago.

To obtain the rates, the 30-year fixed-rate mortgage required payment of an average 0.8 point, while the 15-year fixed-rate mortgage and the 5-year ARM required an average 0.7 point. The 1-year ARM required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.

“Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week,” said Frank Nothaft, vice president and chief economist of Freddie Mac, in a news release.

Meanwhile, real gross domestic product rose at an annualized rate of 2.2% in the first quarter, he said, below the market consensus forecast.

“In addition, the 12-month growth in the core price index of personal consumption expenditures was 2% in March which matches the Federal Reserve’s implied inflation target,” Nothaft said.

Mortgage rates also hit lows in Bankrate.com’s weekly survey.

A Bankrate news release pointed to disappointing economic growth and elevated unemployment claim filings as reasons for the falling rates. According to Bankrate: “The looming jobs report is likely to be the catalyst for further rate movement but the tepid theme of recent economic data is sure to keep a lid on bond yields and mortgage rates in the coming weeks. Mortgage rates are closely related to yields on long-term government debt.”