Rates for 30-year fixed-rate mortgages inched lower for the third consecutive week last week and set a new low for 2017, according to a statement from Freddie Mac.

“In a short week following Memorial Day, the 10-year Treasury yield fell 4 basis points. The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.94 percent and once again hitting a new 2017 low,” Freddie Mac chief economist Sean Becketti said in a statement.

Freddie Mac found the 30-year, fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.5 point last week, down from the previous week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.

The 15-year FRM averaged 3.19 percent with an average 0.5 point last week. A year ago at this time, the 15-year FRM averaged 2.92 percent

The five-year, adjustable-rate mortgage (ARM) averaged 3.11 percent last week with an average 0.5 point, up from the previous week when it averaged 3.07 percent. A year ago at this time, the five-year ARM averaged 2.88 percent.