Source: Fox Business —
Mortgage rates dropped last week for the second consecutive week as the economy slowed alongside consumer spending, according to the latest data from Freddie Mac.
The average 30-year fixed-rate mortgage rate decreased 15 basis points to 5.1% annual percentage rate (APR) for the week ending May 26. This was down from 5.25% the previous week but up from 2.95% last year.
The 15-year mortgage rate also dropped to 4.31%, down from 4.43% the previous week but up from 2.27% last year. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) increased to 4.2%, up from 4.08% the previous week and 2.59% last year.