How low can you go?
If you’re the 15 or 30-year mortgage rate — apparently, pretty darn low!
According to new data this week from Freddie Mac, the average rate on the 30-year fixed mortgage fell to a fresh low of 2.67% in the latest week. I repeat: 2.67%.
Meanwhile, the 15-year fixed is down to 2.21% and the 5/1 ARM hit 2.79%. (There are points of less then 0.1 percent associated with each of these rates.)
For those considering whether or not to refinance a home, now is a pretty good time. The Fed is expected to leave rates at record low which suggests rates could move slightly lower in the near future, nonetheless there’s no guarantee and, this rate is well worth trying to secure.
My advice is to not try to “time” this mortgage market at these historically low rates, but to appreciate them for what they are… and, aim to lock them in while still possible. The savings will be significant. And, though there may be lower levels to come…they won’t be that much lower. So, save while you can.