Mortgage rates drop for second consecutive week

A couple of closely followed mortgage rates trended lower today. 15-year fixed and 30-year fixed mortgage rates both decreased.

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.

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.

Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing

Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods.

If you are interested in taking advantage of today's rates, you could consider refinancing your mortgage to lower your monthly payments.

Although mortgage rates dipped for the second consecutive week, they are still significantly higher than last year.