Fixed mortgage rates fell this week to the lowest point of the year, offering incentive for homeowners to save money by refinancing their loans. Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.61 percent. That’s down from 4.63 percent and the lowest level since mid-December.
Don’t expect much change in mortgage rates over the short term. 44% of experts polled this week by Bankrate.com Only 17% expect further declines, however, with 37% predicting an increase.
The average rate on the 15-year fixed mortgage, a popular refinance option, slipped to 3.80 percent. That marked the lowest point since late November. Rates track the yield on the 10-year Treasury note, which fell to the lowest level of the year this week. The number of borrowers looking to refinance is now at the highest level since the second week of December, according to the Mortgage Bankers Association. Refinancing though, is only at half the level it reached in the fall of last year when mortgage rates fell to record lows. The rate on the 30-year home loan hit a four-decade low of 4.17 percent in November. The 15-year mortgage rate reached 3.57 percent that same month, the lowest level on records dating back to 1991.
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