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Lower Your Payment while Rates are at Record Lows
Mortgage News > Lower Your Payment while Rates are at Record Lows
Interest rates remain at record low levels ending the week at 4.32% for a 30 year fixed mortgage and 3.5% for a 15 year fixed mortgage as reported by Freddie Mac Thursday.
As rates fall and homeowners refinance mortgage analysts are seeing a trend in on time payments improving. Tim Martin, a market analyst for the credit reporting agency TransUnion, stated the drop in payment delinquency from 6.67% to 5.82% can largely be attributed to “stricter lending policies” from the banks.
TransUnion has forecast a continual drop in delinquency throughout the remainder of the year ending around 5%.