The time for refinancing your home may never have been better. Mortgage rates have fallen again, sparking a rise in home refinance activity.
The average rate on a 30-year fixed-rate loan fell to 4.90 percent last week from 4.97 percent two weeks ago. This is just fractions of a point higher than the lowest that rates have ever been.
At the current 30-year rate, monthly borrowing costs for each $100,000 of a loan would be $530.73, or about $84 less than the same week a year earlier, when the rate was 6.24 percent.
The average rate on a 15-year fixed mortgage fell to 4.33 percent from 4.34 percent the prior week.
For those who qualify, this is a glimmer of great news in an otherwise negative recession.
Please, call- to see if you qualify today. Remember that rates are subject to change multiple times a day and are not guaranteed to stay the same.
CA RE Lic # 01742676