Rates on conforming mortgages fell again this week, with the 30-year fixed-rate mortgage hitting a record low of 4.78% for the week ending April 2, according to Freddie Mac’s weekly survey results released Thursday.

30-year fixed-rate, 15-year fixed-rate and 5-year ARM hit record lows

The 30-year fixed-rate mortgage averaged 4.85% last week, and 5.88% a year ago. This week, it’s at its lowest level since the survey began in 1971.

Rates on 15-year fixed-rate mortgages also hit a record low, averaging 4.52% this week. The mortgage averaged 4.58% last week and 5.42% a year ago. It hasn’t been lower since Freddie Mac began tracking the mortgage in 1991.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.92%, another record low; Freddie Mac has tracked this mortgage since 2005. The ARM averaged 4.96% last week and 5.59% a year ago.

NEW YORK (Reuters) – U.S. 30-year fixed home loan rates on Wednesday slid by as much as 3/8 percentage point to about 5 percent, nearing record lows, after the Federal Reserve more than doubled its planned purchases of mortgage-related securities.

Home purchases have been lagging refinancing even as rates and falling prices make ownership more affordable.

While homeowners are often compelled to cut current costs, worries about job loss or hopes that prices will slump more keep many potential buyers at bay.

The mortgage market is already overwhelmed with business, especially after consolidation and layoffs slashed staffing levels, he said. In the past, lenders have kept rates higher than they otherwise would just to slow the frantic pace.