Boston Realtor Mike Mahoney
Michael Mahoney
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Low Rates Have Made 8.2 Million Mortgages “Refi Eligible”

Low Rates Have Made 8.2 Million Mortgages “Refi Eligible”

Low mortgage rates have made 8.2 million U.S. mortgages “refi eligible,” meaning borrowers would save money by getting a new home loan even with the application and funding costs, according to Black Knight.

The average U.S. rate for a 30-year fixed mortgage was 3.75%, last week, matching the prior week, according to Freddie Mac . A year ago, the rate was 4.60%.

“Mortgage rates have continued to decline,” Fannie Mae said in its July forecast. “The 30-year fixed mortgage rate averaged 3.80% in June, down from 4.07% in May and the seventh straight month of decline.”

If you have a mortgage and you plan to stay in your property, you really need to shop it to see if you can save some money. Rates are almost a full point lower from where they were a year ago.

 

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5suzannechapman1208

I selected Mike after having a very unsuccessful experience with a previous broker. He had excellent ideas in helping to sell my house and continued to advertise it with a fresh perspective. His experience helped in a number of ways and I only wish we had... (more)

5goodlife99

This is the second property I have sold in Weymouth MA with Mike as my broker. He research the area and give you all the information you need to decide what to list your property for, so it sells timely. He also helps review and negotiate all offers and is... (more)

5SullyLemmons

We had been trying to sell our condo for well over a year and decided to give Mike a shot at it as he came well recommended. It was not easy for him but he persisted and had success. Even though it wasn't a big sale or profit for him, he acted as though it... (more)

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