Mortgage rates drop back below 3% — here’s how much Americans could save by refinancing

Benchmark mortgage rates again dropped below 3%, giving Americans yet another opportunity to refinance, and lock in historically low financing.

The 30-year fixed-rate mortgage averaged 2.95% for the week ending May 27, down five basis points from the previous week, Freddie Mac  FMCC, +1.40% reported Thursday. A year ago, the 30-year loan was averaging 3.15%.

The 15-year fixed-rate mortgage dropped two basis points to an average of 2.27%. The 5-year Treasury-indexed adjustable-rate mortgage averaged 2.59%, the same as the previous week.

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