Fannie Mae and Freddie Mac reported the average rate for the week was as low as 4.09% for a 30 year fixed mortgage, .32% lower than the average rate last year at this time. Rates for a 15 year fixed mortgage ended at 3.3% , down .51% from last year.
Housingwire reports that over 8 million home owners stand to benefit from such amazingly low rates with loans carrying a rate of 6% or higher. However, contact us today even if you rate is as low as 4.75% so that we can check to see if it would be in your best interest to refinance.
Home owners nationwide are attempting to lower their current rate through refinancing, as mortgage applications increase by 6.3%.
With the consistently tightening loan regulations these same loan holders are finding it extremely difficult to take advantage of such low rates.