Boston Realtor Mike Mahoney
Michael Mahoney
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Posts Tagged ‘mortgages’

Low Rates Have Made 8.2 Million Mortgages “Refi Eligible”

August 5th, 2019 by Michael Mahoney

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.

 

What’s Your State’s Rate? Find Average Mortgage Rates By State

February 14th, 2019 by Michael Mahoney

Average Mortgage Rate by State

 

The average offered interest rate for all 50 states is 4.84 percent and the average offered loan amount is $224,297, the study found. But homeowners in California, New Jersey, Washington, and Massachusetts tend to snag the lowest interest rates. The average interest rate in California is 4.74 percent, followed by 4.75 percent in New Jersey and 4.76 percent in Washington and Massachusetts.

Find out What Mortgagees are Paying in Massachusetts

On the other hand, homeowners in New York, Iowa, and Arkansas tend to have the highest mortgage rates. In New York, the average mortgage rate is 4.96 percent, followed by 4.93 percent in Iowa and 4.92 percent in Arkansas. See full article here

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