A new Trulia report says that mortgage rates inched down to  the lowest level of the year and Freddie Mac’s weekly mortgage market survey reports that the 30-year fixed-rate mortgage averaged 4.61 percent last week, while the 15-year rate averaged 3.80 percent.  This is the first time since December 2010 that the 30 year mortgage has reached 4.61 percent. Last year at this time, the 30 year fixed averaged 4.84 percent while the 15-year fixed-rate mortgage averaged 4.24 percent.

According to the latest data from Trulia, owning a home is more affordable than renting in 78 percent of the major U.S. cities.