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30-Year Mortgage Rate Slips Back Below 3%

After rising to 3% the previous week, the rate on the 30-year mortgage averaged 2.95% in the week ending May 27, according to Freddie Mac. So reports Bankrate.

arrow 98577 1280Rates have drifted around the 3% level for the past several weeks, per Freddie Mac data.

“Mortgage rates are down below 3%, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow," Freddie Mac chief economist Sam Khater said in a statement.

Read the full article from Bankrate.

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