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The average rate for a 30-year fixed-rate mortgage declined to 4.29% in the week that ended May 1 from 4.33% in the prior week, according to a Thursday report from federally controlled mortgage-buyer Freddie Mac . A year ago, the 30-year rate was at 3.35%. The average rate for the 15-year fixed-rate mortgage ticked lower to 3.38% in the latest week from 3.39% in the prior week. "Mortgage rates were down slightly following the release of real GDP estimates for the first quarter of the year which rose 0.1 percent and fell well short of market expectations," said Frank Nothaft, Freddie's chief economist, in a statement. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage rose to 3.05% from 3.03%, and the rate for a 1-year Treasury-indexed ARM increased to 2.45% from 2.44%.