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Mortgage Rates Slip Below 3%

Mortgage rates, or interest rates on home loans, dropped below 3 percent again this week. The rate has been below the 3 percent mark for five of the six previous weeks, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 2.95 percent for the week ending May 27, 2020, down from 3.00 percent last week. A year ago at this time, the average rate was 3.15 percent.

The 15-year FRM this week averaged 2.27 percent, down from 2.29 percent last week. A year ago at this time, the 15-year FRM averaged 2.62 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.59 percent, unchanged from last week. It was 3.13 percent a year ago.

"Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow," said Sam Khater, Freddie Mac's Chief Economist. "In fact, homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved more than $2,800 dollars annually. Substantial opportunity continues to exist today, as nearly $2 trillion in conforming mortgages have the ability to refinance and reduce their interest rate by at least half a percentage point."

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