Freddie Mac reports a drop in the 30-year fixed mortgage rate for the week ending May 15, to 6.01 percent from 6.05 percent a week ago. The 15-year fixed mortgage rate remained unchanged at 5.60 percent. Meanwhile, the five-year adjustable mortgage rate slipped to 5.57 percent, and the one-year ARM dipped to 5.18 percent. The previous week, they averaged 5.67 percent and 5.29 percent, respectively.
[SOURCES: Freddie Mac; Information, Inc.]