Buyers in today’s housing market continue to enjoy some of the lowest mortgage rates on record. In early May during the COVID-19 crisis, mortgage rates fell to an all-time low of 3.23% for a 30-year fixed loan. For the week ending May 14, the average 30-year fixed rate was still very low at 3.28%, according to MarketWatch.com.

Today’s rates are hard to complain about. By comparison, the average 30-year fixed rate last May was 4.07%, according to Freddie Mac. Between 2015 and 2019, the average rate fluctuated between 3.4% and 4.9%, as shown in the graph above from the Federal Reserve Bank of St Louis.

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