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.