Freddie Mac's results of its Primary Mortgage Market Survey® shows that "Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow. 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"

• 30-year fixed-rate mortgage (FRM) averaged 2.97 percent with an average 0.7 points for the week ending May 27, 2021, down from last month when it averaged 2.97 percent. A year ago, at this time, the 30-year FRM averaged 3.15 percent.

• 15-year FRM this week averaged 2.27 percent with an average 0.6 points, down from last month when it averaged 2.29 percent. A year ago, at this time, the 15-year FRM averaged 2.62 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.59 percent this week with an average 0.2 points, down from last month when it averaged 2.83 percent. A year ago, at this time, the 5-year ARM averaged 3.13 percent.