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Consumer spending up 0.2 percent in May, helped by auto sales; income rose 0.4 percent

U.S. consumers stepped up their spending slightly in May, boosted by a jump in auto sales and higher income.

The Commerce Department says consumer spending rose 0.2 percent last month after no gain in April. The two months followed a robust spending surge of 0.8 percent in March. The spending trend is regarded as strong enough to propel the economy after a dismal start to the year.

Income rose a solid 0.4 percent in May after a 0.3 percent April gain.

An inflation gauge that's closely monitored by the Federal Reserve has risen 1.8 percent over the past 12 months, the fastest rise since late 2012 but still below the Fed's 2 percent target.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.92% up 3.89%  
15 Y Fixed Graph 3.05% -- 3.05%  
30 Y Fixed Jumbo Graph 4.08% dw 4.23%  
5/1 ARM Graph 3.02% dw 3.12%  
5/1 Jumbo ARM Graph 3.25% dw 3.38%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.48% up 4.47%  
$50K HELOC Graph 4.05% dw 4.06%  
$30K Loan Graph 5.06% dw 5.07%  
$50K Loan Graph 4.55% up 4.54%  
$75K Loan Graph 4.55% up 4.54%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.89% up 2.69%  
36 M Used Graph 3.28% up 3.16%  
48 M New Graph 3.01% up 2.71%  
48 M Used Graph 2.87% up 2.65%  
60 M New Graph 3.07% up 3.01%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.37% up 0.36%  
1 yr Graph 0.62% up 0.61%  
5 yr Graph 1.43% dw 1.44%