Another week, another drop for U.S. mortgage rates



U.S. mortgage rates declined again this week remaining below the 3% line, according to Freddie Mac.

The 30-year fixed mortgage rate averaged 2.94% for the week ending May 13 — down from 2.96% last week. Two months ago, mortgage rates hit 2.65%, which was the lowest since tracking began in 1971. A year ago, mortgage rates stood at 3.28%.

Low mortgage rates help propel U.S. home sales and the refinance market.

“Since the most recent peak in April, mortgage rates have declined nearly a quarter…



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