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On the radar: Freddie Mac 30-year fixed rate hits new low as of May 28 data

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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