Mortgage rates sink to all-time low

30-year fixed-rate mortgage averages 3.23% in the week ending April 30, down 10 basis points from the previous week, according to the Freddie Mac Primary Mortgage Market Survey.

A year ago at this time the 30-year FRM averaged 4.14%.

"These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April," said Freddie Chief Economist Sam Khater.

However, not everyone can take advantage of the lower rates due to the current pandemic, he added.

15-year FRM averages 2.77% vs. 2.86% in the prior week and 3.60% a year ago.

5-year Treasury-indexed hybrid adjustable-rate mortgage averages 3.14% vs. 3.28% in the prior week and 3.68% a year ago.