Fixed-rate mortgages moved lower
this week, reaching new lows for the year, Freddie Mac reports in its
weekly mortgage market survey. It is the fourth consecutive week that
mortgage rates have dropped.
According to Freddie Mac, mortgage rates reached the following national average for the week ending May 22:
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30-year fixed-rate mortgages: averaged 4.14 percent,
with an average 0.6 point, dropping from last week’s 4.20 percent. Last
year at this time, 30-year rates averaged 3.59 percent.
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15-year fixed-rate mortgages: averaged 3.25 percent,
with an average 0.5 point, dropping from last week’s 3.29 percent
average. A year ago, 15-year rates averaged 2.77 percent.
Source: Freddie Mac