In Freddie Mac’s weekly primary market survey, the average rate for a 30-year fixed rate mortgage (FRM) fell to 3.84% from 3.88% a week earlier, marking a new low, according to OriginationNews. The previous low was 3.87% for the week ending Feb. 9. The 15-year FRM also fell to a new low for the week ending May 3, dropping from 3.12% to 3.07%. Previously the lowest rate was 3.11%, recorded the week ending April 12. The five-year Treasury hybrid loan stayed at 2.85%, while the one-year Treasury ARM fell four basis points to 2.7%. MHProNews.com has learned the 30-year FRM averaged 4.71% a year ago, while the 15-year FRM averaged 3.89%, the five-year Treasury hybrid was 3.47%, and the one-year Treasury ARM averaged 3.14%.
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