Freddie Mac reported new lows on 30- and 15-year fixed mortgage rates for the week ending May 10. The 30-year fixed slipped one basis point to 3.83% while 15s were two basis points lower to 3.05%.

With the no-point rate at 4.01% on 30-years, borrowers underlying 4.0% and, to some extent, 3.5% coupons have an increased incentive to refinance that should provide some modest response to refinancing activity.

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