LGIH - Mortgage rates slips back below 3%

Continuing to offer many homeowners the potential to refinance and increase their monthly cash flow, 30-year fixed-rate mortgage averaged 2.95% for the week ending May 27, moving higher from 3% recorded in prior week and down from 3.15% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey."In fact, homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved $2.8K+ annually. Substantial opportunity continues to exist today, as ~$2T+ in conforming mortgages have the ability to refinance and reduce their interest rate by at least half a percentage point," Freddie Mac’s Chief Economist Sam Khater commented.15-year FRM averages 2.27% down from prior week's 2.29% and 2.62% a year ago.5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.59%, unchanged from prior week, and inching higher from 3.13% a year ago.Despite increased buying power that comes with lower rates, many Americans are struggling to find properties they can afford; sales of new homes declined in April by more

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Mortgage rates slips back below 3%