Mortgage rates inched lower for the third consecutive week and set a new low for the year, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 3.94% for the week ending June 1, down from last week when it averaged 3.95%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.66%.

"In a short week following Memorial Day, the 10-year Treasury yield fell 4 basis points. The 30-year mortgage rate remained relatively flat, and once again hitting a new 2017 low," said Sean Becketti, chief economist at Freddie Mac.

The 15-year fixed-rate mortgage averaged 3.19%, the same as last week. A year ago at this time, the 15-year averaged 2.92%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.11%, up from last week when it averaged 3.07%. At this time last year, it averaged 2.88%.

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