Sales of new single-family houses in May 2012 were at a seasonally adjusted annual rate of 369,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 7.6 percent (±12.2%)* above the revised April rate of 343,000 and is 19.8 percent (±15.2%) above the May 2011 estimate of 308,000.

The median sales price of new houses sold in May 2012 was $234,500; the average sales price was $273,900. The seasonally adjusted estimate of new houses for sale at the end of May was 145,000. This represents a supply of 4.7 months at the current sales rate.

Mortgage rates fell further, pushing the average 30-year fixed mortgage rate to the fourth new record in a row of 3.89 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.43 discount and origination points.

The average 15-year fixed mortgage rate inched lower to 3.16 percent, reversing last week's move, while the jumbo 30-year fixed mortgage held at 4.48 percent. Adjustable mortgage rates were lower too, with the average rate on the popular 5-year adjustable pulling back below the 3 percent mark to a new low of 2.97 percent.

The Federal Reserve is hoping to keep this streak of record low mortgage rates alive. By extending Operation Twist through year-end, the Fed aims to preserve this environment of ultra-low mortgage rates that is facilitating refinancing and putting money into people's pockets that they're not getting through their paychecks.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 3.89 percent, the monthly payment for the same size loan would be $942.19, a difference of $299 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.89% -- down from 3.91% last week (avg. points: 0.43)

15-year fixed: 3.16% -- down from 3.17% last week (avg. points: 0.35)

5/1 ARM: 2.97% -- down from 3.00% last week (avg. points: 0.33)

Sources: U.S. Commerce Dept., Bankrate Mortgage