As of the May 16 Freddie Mac data, fixed mortgage interest rates were down for a third week in a row, although the 5-1-year ARM was up slightly.
The 30-year fixed rate was 4.07%, down 3 basis points from 4.10% in the prior week. The put the May to-date average at 4.10%, its lowest since 4.03% in January 2018.
The 15-year fixed rate was 3.53%, down 4 basis points from the prior week. The May to-date average is 3.57%, its lowest since 3.48% in January 2018.
The 5/1-year ARM rate was up 3 basis points to 3.66%. The month-to-date average is also 3.66% and the same as that of April 2018.
Lower mortgage interest rates have sparked some activity in the housing market in the past few months after the slowdown in the second half of 2018 when rates and prices were on the rise. The sustained lower rates of April and May should help support home sales in the next few months as homebuyers move to lock in rates while they are more affordable.
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