Mortgage rates hit new 2011 lows in May 4 survey

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Mortgage rates are as cheap as they've been all year in Interest.com's new survey of major lenders.

The average cost of all four major types of home loans we track declined to new 2011 lows and continue to run below what they cost in spring 2010.

Our May 4 survey found the average interest rate for a:

30-year, fixed-rate mortgage fell to 4.88% from 4.95% the previous week. Interest rates remain lower than they were this time last year, when a 30-year loan averaged 5.12%.

15-year, fixed-rate mortgage fell to 4.05% from 4.145% the previous week. A year ago, it was 4.49%.

30-year, fixed-rate jumbo loan (for mortgages exceeding $417,000 to $729,750, depending on the city) fell to 5.36% from 5.40% the previous week. A year ago, it was 5.94%.

Five-year, adjustable-rate mortgage fell to 3.56% from 3.69% the previous year. A year ago, it was 4.31%.

Our database of mortgage rates can help you find the best deals in your area, including many that are less costly than the national averages.

You can use our mortgage calculator to determine the monthly payments for the exact amount you want to borrow with this or any home loan.

It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe if you want to pay off your mortgage.

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