For the week ending May 19, 30-year fixed rates averaged 4.61% with an average 0.7 point, down two basis points from last week. This brings the no-point rate at just below 4.80%.

Meanwhile, 15-year fixed rates slipped two basis points to 3.80%. Adjustable mortgage rates increased over the week with 5/1 hybrid ARMs gaining seven basis points to 3.48%, while one-year ARM rates clocked in at 3.15% from a record low of 3.11%.

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