Another week, another drop in US mortgage rates

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House prices in the Cleveland area slowed due to US growth in November

This photograph, taken in 2015, shows a For Sale sign in Glenville, Ohio. (Chuck Crow / Regular Dealer) ORG XMIT: CLE1602051605363129 ORG XMIT: CLE1606010327024835 Regular DealerOrdinary dealer

According to Freddie Mac, this week US mortgage rates fell again, remaining below 3%.

The 30-year fixed mortgage rate averaged 2.94% for the week ended May 13, up from 2.96% last week. Two months ago, mortgage rates hit 2.65%, the lowest since tracking began in 1971. A year ago, mortgage rates were 3.28%.

Low mortgage rates are helping to stimulate US home sales and the refinancing market.

Read the entire story at cleveland.com’s sister site, the Cleveland Business Journal.

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