Mortgage Rates are Looking Good
For those looking to lock in a good mortgage rate or to get a jump on a refinance, now looks like a good time. According to Bankrate, refi apps are up 92% since November.
The benchmark 30-year fixed-rate mortgage fell 18 basis points, to 5.57 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.33 discount and origination points. One year ago, the mortgage index was 6.32 percent; four weeks ago, it was 6.31 percent. The last time the benchmark 30-year fixed rate was lower was March 24, 2004, when it was 5.46 percent
A quick scan of local banks, has turned up 15 year rates as low as 4.875% with no points. If I could afford it, I would jump on that rate. It is amazing to see rates so low again in only 4 years. Anyone out there going to take advantage of the low rates?
Filed under: Finance and Investing
