Freddie Mac reports a drop in the 30-year fixed mortgage rate for the week ended May 15 to 6.01% from 6.05% a week ago. The 15-year fixed mortgage rate remained unchanged at 5.60%. Meanwhile, the five-year adjustable mortgage rate slipped to 5.57%, and the one-year ARM dipped to 5.18%; the previous week, they averaged 5.67% and 5.29%, respectively. This mortgage rate drop is certainly not unexpected, we look for rates in Nashville to continue to drop this year.
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