Mortgage rates fall to another all-time low

30-year fixed-rate mortgage averages 3.15% for the week ending May 28, down from 3.24% in the previous week and 3.99% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey.

"These unprecedented rates have certainly made an impact as purchase demand rebounded from a 35% year-over-year decline in mid-April to an 8% increase as of last week — a remarkable turnaround given the sharp contraction in economic activity," said Freddie Chief Economist Sam Khater.

Refinance activity remains elevated, too, he adds, noting that a broader base of borrowers appears to be taking advantage of low rates.

15-year FRM averages 2.62% vs. 2.70% in the prior week and 3.46% a year ago.

5-year Treasury-indexed adjustable rate mortgage averages 3.13% vs. 3.17% in the previous week and 3.60% at this time a year ago.