Fixed mortgage rates lower for fifth straight week

|By:, SA News Editor

The 30-year fixed-rate mortgage fell to its lowest rate since October, slipping to 4.12% in the week ended May 29 from 4.14% in the prior week, according to Freddie Mac's latest weekly survey.

The average rate for the 15-year fixed-rate mortgage fell to 3.21% from 3.25% in the prior week.

A year ago, the 30-year and 15-year rates were 3.81% and 2.98%, respectively.