Long-term mortgage rates are falling again: the 30-year fixed is down to 5.14% and the 15-year fixed rate is down to 4.91%. If you are looking to refinance, you are likely in good company. Mortgage applications are likely to continue to increase as borrowers look to get a better deal on their home mortgage loans. National Mortgage News reports on the new mortgage rates:
"Interest rates on 30-year fixed-rate mortgages eased for the eighth
straight week and set another record low since Freddie Mac's survey
began in 1971," said Frank Nothaft, Freddie Mac's vice president and
chief economist.
straight week and set another record low since Freddie Mac's survey
began in 1971," said Frank Nothaft, Freddie Mac's vice president and
chief economist.
Even though I've only been in my home for a little over a year, I'm already considering refinancing. We're going to the credit union after the new year to find out our options — including whether or not we could swing a 15-year mortgage (to build our equity faster).
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