Freddie Mac reports that mortgage rates have dropped to the lowest level since the company started tracking the data in 1971 and breaks the most recent low set in December.
The average rate on a 30-year fixed-rate mortgage is now 4.69 percent. However Buyers seem to be indifferent. See the Washington Post article, Mortgage rates hit all-time low, but lending activity remains quiet
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smarten
Although buyers may seem to be indifferent Guy, I don’t think that’s the case insofar as refis are concerned. I can report that at least insofar as IV title companies are concerned, they’re as busy as they’ve ever been. Conforming loan amount 15 year fixed rate mortgages are now in the high 3% range with the payment of a 1% of less origination fee. It just doesn’t get any lower than this.
MikeZ
Right now, mortgage rates are the best I’ve ever seen, and I’ve been watching them on and off for 3 decades.
Rory
Question for the board…..I purchased a home last August with FHA and locked in a 30 yr note at 5.50%. I want to run the numbers and see where I could be with a refi but I don’t want to pay for an appraisal etc. Does anyone have advice on whom I should talk with apart from my current lender? Are their any red flags I should be aware of since I’m an FHA customer? Obviously the loan is in good standing.
smarten
Rory –
With most lenders you can secure financial approval PRIOR to incurring the cost of an appraisal.
I can tell you that today, Wells Fargo Bank was quoting 3.875% on a 15 year fixed rate conforming loan with a FICO score in excess of 740. Now the costs associated with a FHA refi will be higher.
Also today the FNMA par rate dropped again to its lowest rate ever.
It just doesn’t get any lower than this! Good luck.
Sleezy
Just wait until rates starts rising… This will put further downward pressure on prices..
If your a cash buyer like i am, this will only buy you more home for the money next year!
smarten
Your intelligence is showing Sleezy, Derrick, whomever.
Why not take advantage of all that funny money the Government will offer you through a [re]finance at less than 4% and then when interest rates start rising you can make money on the Government’s money? You won’t have to worry about buying more home for the money because you already DID!