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30-Year Mortgage Rate Edges Back Up to 3%

The 30-year fixed-rate mortgage averaged a 3% rate in the week ending May 20, according to Freddie Mac. So reports Bankrate.

arrow 156792 640smallThat’s the benchmark mortgage rate’s first time out of the 2s in roughly a month.

“Despite this favorable rate climate, there remains a shortage of homes for sale,” said Sam Khater, Freddie Mac’s chief economist, in a statement.

Read the full article from Bankrate.

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