Freddie Mac reported 30-year fixed mortgage rates declined seven basis points to 4.91% with an average 0.7 point for the week ending Nov. 12.

This is the lowest level rates have been since the end of May when they also averaged 4.91%.

With rates holding below 5%, refinancing activity should make further gains in the week ending Nov.ember 13.

Earlier, the Mortgage Bankers Association reported the Refinance Index jumped 11.3% to nearly 3000 as a result of the sub-5% level in mortgage rates for the week ending Nov. 6.

Freddie Mac also reported 15-year fixed mortgage rates averaged 4.36%, down from 4.40% last week; 5/1 hybrid ARMs fell six basis points to 4.29%; and one-year ARMs were little changed at 4.46% compared to 4.47% previously.

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