Refinancing your mortgage is something most homeowners consider at least once throughout the lifespan of their home loan. It allows you to pay off your previous loan by applying for a new one that has better financial advantages. While there are many good reasons to refinance, here are five common ones.
We saw mortgage interest rates drop again in the last 30 days. The recent change will save new borrowers another $3 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 2.87% as of this week. Last month at this time, they were sitting at 2.93%. Of course, both are historically low.
Mortgage interest rates fell below 3% for the first time ever. The average 30-year fixed-rate mortgage fell to a record low of 2.98% this past week, according to Freddie Mac. That is the lowest level in the nearly 50 years of the mortgage giant’s survey.
The answer to the headline is more complicated than you think. Thomas Ooten at Kessler Real Estate Financial Services has done a nice job of providing a high level explanation of what has happened in March. You can see what he wrote by clicking on this link.
When you look at his reasoning, you can see the outlook for mortgage rates in the near team is volatile. Not surprisingly, I can say the same about the real estate market as well. If you have any questions about our local market, I am here to help.
Measuring mortgage delinquency rates is important for analyzing the health of the housing market. Despite recent stress in some areas of the country (mainly in the Midwest), mortgage delinquency rates continue to stay at near-record lows.