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U.S. mortgage rates dropped this this week again dipping below the 3% mark, according to Freddie Mac. The 30-year fixed mortgage rate averaged 2.95% for the week ending May 27 — down from 3% last week. More than two months ago, mortgage rates hit 2.65%, which was the lowest since tracking began in 1971. A year ago, mortgage rates stood at 3.15%.

Low mortgage rates help propel U.S. home sales and the refinance market.

“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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