Very Loud PSU!

I just built a new computer from scratch and my PSU is so loud. I have:

Cooler Master 300 Elite Case (Plenty of room for airflow) (1 120mm case fan)
Gigabyte MA790X-UD4P Mobo
AMD Phenom II X4 810 with stock fan
GeForce 8600GT with on-board fan
Antec 500W Basiq PSU (refurbished)

When I switched it with an HP 300W PSU the noise was very low. When I used that HP PSU I had the GeForce fan on 30% and had the Cooler Master case fan and the CPU fan. It wasn't too loud I could hear the GeForce fan faintly.

When I used the Antec PSU it suddenly became extremely loud. I have the GeForce fan at 90% and I can't even hear it...I also have my computer in my bedroom so it is cumbersome at night. In AMD overdrive it says Fan0 (don't know whether that is CPU or Case Fan) is at 90% at 3426 rpm, but I don't think that's the problem because I recently boosted that and I could barely hear it go higher. The CPU stock fan is also working at 3.4volts because I OC'd and had to boost the Vcore voltage. I am sure it's the PSU fan that is causing such loud noise, when I put my hand behind the PSU fan it blows a lot of cool air that I can feel it on my hand significantly.

Is there any solution to this problem? Also is it possible to reduce the PSU fan power? thanks

P.S. On the bright side, the system temp's according to Everest are very cool. CPU never goes higher than 40C even though it's OC'd at 3.1Ghz.

 

Are you sure that there isnt anything , cable or what have you that is grinding against a fan blade? What does it sound like?

It sounds to me from your description there is something not quite right about that Antec psu. Of all the fans in a typical system, the powersupply is usually easily the most quiet, even on a cheaper no name brands..

If thats not the case it is also possible that one of the fans in the unit is on its way out.

 

I just checked, no cables are in the way of any fans. Also the CPU/CASE/GPU are all new so I don't think they are the problem. I may have to return this refurbished antec...