After finally refinancing my home last month, it looks like mortgage rates are trending downward again, spurned by last week’s positive employment data. Over the last few months, everyone in the real estate industry seemed to be in agreement that the rates were going up, up, up -- and they were -- but it looks like we are experiencing a decline, so if you are in the process of buying a home or refinancing, right now is an excellent time to lock in a low interest rate.
30 Year Fixed: 4.375%
15 Year Fixed: 3.25%
7/1 Arm: 3.375%
FHA 30 Year: 4.125%
Update from one of our preferred lenders at Assurance Financial: "Mortgage rates continued lower at a fairly brisk pace yesterday, extending the already impressive drop that followed Friday's employment data. This more than qualifies the rate movement as one of the pockets of recovery running counter to the longer-term trend toward higher rates."
I know that in a few years when the interest rate is MUCH higher, we will all chuckle about the time when we were worried interest rates went from 4.25 to 4.675%.
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