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Digital News Report – Mortgage interest rates have declined again last week according to the Freddie Mac Primary Mortgage Markey Survey (PMMS). Record low interest rates were set with the 5-year adjustable rate mortgages since this data started being collected in 2005.
The 30-year mortgage interest rate for fixed rate averaged 4.44 percent with is lower than the previous week average of 4.49 percent. One year ago at the same time the 30-year-fixed-rate mortgages averaged 5.29 percent.
The 15-year mortgage interest rate for fixed rate was at a record low at 3.92 percent which was lower than the previous week’s average of 3.95 percent. The interest rate for a 15-year-fixed rate mortgage for the same time a year ago was at 4.68 percent.
Refinancing a home loan mortgage to a lower interest rate could save homeowners a lot of money. Qualifying for a home loan refinance may be more difficult than in the past because you need to meet stricter requirements to qualify. If you have excellent credit and you have equity in your home you would be a good candidate for a home loan refinancing. Make sure to consider all the expenses involved in refinancing and shop around for the best offer as mortgage interest rates and points and fees vary from lender to lender.
By: Victoria Brown
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