Freddie Mac reported weekly mortgage interest rates were down across the board as of May 28. Exceptionally low rates may be enough to tempt well-qualified buyers out into the market, especially if they believe they can negotiate a better prices while the housing market is on a downturn.
The 30-year fixed rate was down 9 basis points to 3.15% in the week, a new weekly low for the series. For May to-date, the rate averaged 3.23%, a new low for the monthly data.
The 15-year fixed rate was down 8 basis points to 2.62% in the week, the lowest weekly rate since 2.61% in the May 9, 2013 week. The rate was 2.69% on average for May to-date, the lowest monthly rate since 2.66% in April 2013.
The rate for a 5/1-year ARM was down 4 basis points to 3.13% in the May 28 weekly data with the month-to-date average at 3.16%. This was the lowest since 3.16% in the September 2017 month.
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