Rates on the 30-year mortgage averaged 4.71% last week and 4.93% a year ago, according to the survey.
Fifteen-year fixed-rate mortgages averaged 3.82% for the week ending May 12, down from 3.89% last week and 4.3% a year ago.
Rates on adjustable-rate mortgages also dropped, with the five-year Treasury-indexed hybrid adjustable-rate mortgage averaging 3.41%, down from 3.47% last week and 3.95% a year ago. And one-year Treasury-indexed ARMs averaged 3.11%, down from 3.14% last week and 4.02% a year ago.
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