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.”
The head of Lebanon's main intelligence agency has held talks with senior US officials in Washington to discuss resuming negotiations with Syria on the release of American hostages, including Austin Tice. Maj Gen Abbas Ibrahim, who heads Lebanon's General Directorate...
Gulf economies will receive up to $1.4 trillion in additional revenue in the next four to five years as oil prices remain high and headline inflation keeps low in the six-member economic bloc, the International Monetary Fund has said. “We expect the oil price,...
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