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US trade deficit falls 5.6 percent to $44.4 billion as exports hit record high and imports dip

The U.S. trade deficit fell in May as U.S. exports hit an all-time high, helped by a jump in exports of petroleum products. Imports dipped slightly.

The Commerce Department says the trade deficit narrowed 5.6 percent in May to $44.4 billion after hitting a two-year high of $47 billion in April.

Exports of goods and services rose 1 percent to a record $195.5 billion in May while imports fell a slight 0.3 percent to $239.8 billion.

A lower trade deficit boosts overall economic growth when it shows U.S. companies are earning more in their overseas sales. Economists are looking for a smaller trade deficit in the April-June quarter to help propel output back to positive growth after the economy shrank in the first quarter at a 2.9 percent rate.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.93% dw 4.15%  
15 Y Fixed Graph 3.03% dw 3.12%  
30 Y Fixed Jumbo Graph 4.19% up 4.18%  
5/1 ARM Graph 3.27% up 3.19%  
5/1 Jumbo ARM Graph 3.14% dw 3.19%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.32% up 4.30%  
$50K HELOC Graph 4.06% -- 4.06%  
$30K Loan Graph 5.05% dw 5.08%  
$50K Loan Graph 4.49% dw 4.50%  
$75K Loan Graph 4.51% dw 4.52%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.93% -- 2.93%  
36 M Used Graph 3.46% -- 3.46%  
48 M New Graph 3.22% -- 3.22%  
48 M Used Graph 3.04% -- 3.04%  
60 M New Graph 3.24% -- 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.38% -- 0.38%  
1 yr Graph 0.71% -- 0.71%  
5 yr Graph 1.50% dw 1.52%  

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