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Mortgage interest rates dropped below 3%, with the 30-year fixed-rate mortgage averaging 2.95%, according to the latest Freddie Mac Primary Mortgage Market Survey®.

Here’s where rates stand:

30-Year Fixed-Rate Mortgage: Averages 2.95% with an average 0.7 point for the week ending May 27, 2021, down from last week’s 3%. Last year, the 30-year FRM averaged 3.15%.

15-Year Fixed-Rate Mortgage: Averages 2.27% with an average 0.6 point, down from last week’s 2.29%. Last year, the 15-year FRM averaged 2.62%.

Five-year Treasury-Indexed Hybrid Adjustable-Rate Mortgage (ARM): Averages 2.59% with an average 0.2 point, unchanged from last week. Last year, the five-year ARM averaged 3.13%.

The takeaway:

While a lack of new inventory is driving home prices up and creating an ultra-competitive sellers’ market, buyers can find some relief in low interest rates. However, will low refinance rates keep would-be sellers in their homes longer?

What it means:

“Mortgage rates are down below 3%, 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,” added Khater.

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