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On the radar: Freddie Mac fixed mortgage rates down for fifth week in May 30 data

The May 30 report on mortgage interest rates put fixed rates down for a fifth straight week.

The 30-year fixed rate was down 7 basis points to 3.99%, the lowest since 3.99% in the January 11, 2018 week. This brings the May average to 4.07%, its lowest monthly rate since 4.03% in January 2018.

The 15-year fixed rate was down 5 basis points to 3.46%, it slowest since 3.44% in the January 11, 2018 week. The average for May was 3.53%, the lowest since 3.48% in January 2018.

The rate for a 5/1-year ARM was down 8 basis points to 3.60%, its lowest since 3.57% in the February 8, 2018 week. The May average of 3.65% is the lowest since 3.65% in March 2018.

The fact that the 30-year fixed rate has broken below 4% should provide an incentive for potential homebuyers to enter the market now, and could spark a wave of refinancing among some recent home purchasers back in October and November since the difference in rates is enough to warrant refinancing.

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