Mortgage rates have continued to fall for 10 out of the past 11 weeks. The average rate for a 30-year fixed loan was 4.32, and the average rate on a 15-year fixed loan dropped to 3.83 percent. Average rates on five-year adjustable-rate mortgages fell to 3.54 percent from
Mortgage applications went up by 2.7 percent last week from people seeking lower refinance rates. Refinancing just hit the highest level since May of 2009.
If you haven’t refinanced your home, you may want to look into doing so and take advantage of these low rates. If you have been thinking about purchasing a home, these rates could save you thousands of dollars over the duration of your mortgage.