The Freddie Mac fixed mortgage rates nudged lower for a fourth straight week in the May 23 data.
The rate for a 30-year fixed mortgage slipped 1 basis point to 4.06%, its lowest since 4.04% in the January 18, 2018 week. For May to-date, the rate averaged 4.09%, down 5 basis points from 4.14% in April and its lowest since 4.03% for all of January 2018.
The 15-year fixed rate was down 2 basis points to 3.51%, bringing the May average to 3.55%, down 6 basis points from 3.61% in April and also the lowest since 3.48% in January 2018.
The 5/1-year ARM rate edged up 2 basis points to 3.68% in the May 23 report from the prior week, and averaged 3.66% for the first four weeks in May. The monthly rate his the lowest since 3.66% in April 2018.
Low rates got consumers to exercise some pent-up demand for homebuying in March and kept latecomers in the market in April, albeit fewer of them. The May rates are likely to bring out fencesitters before signs of increasing upward pressure on prices gains too much traction.
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