A year ago, 30-year fixed rates were at 3.85%, .28% higher than today's levels. Attributed to Sean Becketti, chief economist, Freddie Mac --"Disappointing April employment data once again kept a lid on Treasury yields, which have struggled to stay above 1.8% since late March. As a result, the 30-year fixed rate fell 4 basis points to 3.57%, a new low for 2016 and the lowest mark in 3 years. Prospective homebuyers will continue to take advantage of a falling rate environment that has seen rates on home loans drop in 14 of the previous 19 weeks."