Interest rates on U.S. 30-year fixed-rate mortgages fell below 4% for the first time since January 2018 in step with declining U.S. bond yields due to growing trade tension between China and the United States, Freddie Mac said.
Thirty-year mortgage rates averaged 3.99% in the week ended May 30, down from 4.06% a week earlier and 4.56% a year ago, the mortgage finance agency said. The average 15-year mortgage rate fell to 3.46% from 3.51% the week before. It was 4.06% a year earlier.
Interest rates on five-year adjustable mortgages averaged 3.60%, down from 3.68% the prior week and 3.80% from the year before.