Low interest rates are driving mortgage refinancing to its highest level in about three years. So if you haven't yet refinanced, should you join the rush? The average interest rate for a 30-year fixed mortgage is 3.55%, the lowest since November 2016, according to Freddie Mac. That was down sharply from an average of 4.51% a year ago. The Mortgage Bankers Association reported 62% of mortgage applications were for refinancing, about the highest percentage in three years. Some experts warn the surge of applications could cause delays in the approval process. For homeowners considering refinancing, there's the fork-in-the-road question: Should you wait longer in hopes that interest rates will drop even more, or lock in a rate and get started? If refinancing works for you, the benefits can be substantial. Sam Khater, Freddie Mac's chief economist, said households that refinanced in the April-through-June quarter will save an average of $1,700 a year, equal to about $140 per month. Those … [Read more...] about With mortgage rates down, the rush is on to refinance
Refinance 10 year fixed mortgage rates
Sections SEARCH Skip to content Skip to site index Business Log In Log In Today’s Paper Business | Mortgage Rates Are Already Lower. They’re Not Helping Much. Advertisement Supported by ByMatt Phillips Aug 1, 2019 Cheaper mortgages are usually a boon to the housing market. But this year, a sharp drop in mortgage rates hasn’t provided much of a lift, and that could bode poorly for the Federal Reserve’s efforts to shore up economic growth. To see why, take a look at what has happened in housing since mortgage rates began a sharp decline late last year. government bonds, and yields on those bonds have been falling this year. Similarly, the rate on the 30-year fixed mortgage rate is down more than one percentage point, to 3.75 percenaccording to Freddie Mac. Over the last 30 years, the rate has averaged about 6.25 percent. So the current rates might reasonably have been expected to spark a … [Read more...] about Mortgage Rates Are Already Lower. They’re Not Helping Much.
Freddie Mac reported little change this week for long-term mortgage rates on properties such as this home in Surfside, Fla., shown in April. After more than a month of declines, mortgage rates paused their descent ahead of next week's Federal Reserve meeting. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average was unchanged at 3.82% with an average 0.6 point. (Points are fees paid to a lender equal to 1% of the loan amount and are in addition to the interest rate.) It was 4.62% a year ago. The 15-year fixed-rate average dipped to 3.26% with an average 0.5 point. It was 3.28% a week ago and 4.07% a year ago. The five-year adjustable-rate average slipped to 3.51% with an average 0.4 point. It was 3.52% a week ago and 3.83% a year ago. "Mortgage rates were flat this week, remaining near their lowest levels in more than a year as some uncertainty surrounding trade tensions appeared to ease," said Matthew Speakman, a Zillow economist. "But the … [Read more...] about Mortgage rates flat after swoon
Fixed mortgage rates sank to a 10-month low this week amid uncertainty about the health of the economy. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dropped to 4.41 percent with an average 0.4 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.46 percent a week ago and 4.32 percent a year ago. The 30-year fixed rate hasn't been this low since early April. The 15-year fixed-rate average fell to 3.84 percent with an average 0.4 point. It was 3.89 percent a week ago and 3.77 percent a year ago. The five-year adjustable-rate average drifted down to 3.91 percent with an average 0.3 point. It was 3.96 percent a week ago and 3.57 percent a year ago."Markets interpreted [the Federal Reserve's] announcement of a pause in future rate hikes as a signal that the Fed is more concerned about economic risks than they had previously let on, and rates consequently spent the better part of two days retreating," … [Read more...] about Mortgage rates tumble to 10-month low
By Brittany De Lea Published January 09, 2019 U.S. Economy FOXBusiness Facebook Twitter Comments Print video More first-time home buyers are turning to their parents for mortgage assistance “Bulls & Bears” panel on how more first-time home buyers are turning to their parents for mortgage assistance. Mortgage applications surged during the first week of 2019 thanks to lower interest rates, following an unusually slow holiday period. Continue Reading Below Application volume climbed 23.5 percent for the week ending Friday, according to the Mortgage Bankers Association weekly Mortgage Applications Survey, as the 30-year fixed mortgage rate declined to the lowest level since April. That reading was still lower, however, when compared with the same period last year. MORE FROM FOXBUSINESS.COM... More first-time buyers asking family for down-payment help TSA union warns shutdown could lead to 'massive' airport security … [Read more...] about Mortgage applications surge more than 20% as rates fall