The economy is still gradually improving day by day, and that may mean that you are making more money now. Or maybe not. If you are in need of lower monthly mortgage payments, now would be an excellent time to refinance!
Just this week, the fixed mortgage rates have once again dropped! In fact, the 15-year average rate hit a new record low of 2.56%!! The 30-year record low mortgage rate is 3.31% and the current rate has dropped down to 3.35% which is almost as low as it could be!
As mortgage professionals, we want to take the time to encourage you to seek more information about refinancing your home. Right now is a great time to take advantage of the low rates! The economy is strengthening and the rates continue to fall for the 5th consecutive week.
"Mortgage rates eased somewhat following the release of the advance estimate of real GDP growth for the first quarter of the year, which rose 2.5 percent but fell short of the market consensus forecast. The latest GDP report confirmed that the housing sector has become an important contributor to the economic recovery,” said Frank Nothaft, vice president and chief economist of Freddie Mac. “Residential fixed investment added to overall economic growth over the past eight consecutive quarters and contributed more than 0.3 percentage points in growth over the first three months of this year. Moreover, near record low mortgage rates should further drive the housing market recovery over the near term."
Take a look at this mortgage rate chart (brought to you by Freddie Mac).
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