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Economic Report: Mortgage rates slump to 2-month lows amid market turmoil

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Builders say they’re looking forward to an “elongated” selling season.

Rates for home loans slid to two-month lows, in line with the broader bond market, even as all eyes are trained on the housing market for signs of how the crucial spring selling season will shape up.

The 30-year, fixed-rate mortgage averaged 4.07% in the May 16 week, Freddie Mac said Thursday, down three basis points. It was the third straight weekly decline for the popular product, and put it back at its second-lowest level of 2019.

The 15-year fixed-rate mortgage averaged 3.53%, down from 3.57%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.66%, up three basis points.

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