Once again, the 30-year fixed rate mortgage rate has hit a record low. Interest rates on the 30-year fixed rate mortgage averaged at 4.32%, down from the previous week’s record low of 4.37% according to Freddie Mac.
Another promising statistic from the mortgage world comes by way of mortgage applications. Home purchase mortgage applications were on the decline shortly after the expiration of the first-time home buyer tax credit, but this week home buying applications started to bounce back – up 4.5% over the previous week.
Refinance applications declined for the fourth consecutive week. This continues to be surprising due to the historically low mortgage rates that are available to current homeowners. Perhaps this shift in home buying applications will translate over to refinance applications as well.
Current homeowners should never make assumptions about the equity in their home. Because only a Home Loan Expert can help you determine which refinance program is right for you. If you haven’t taken advantage of the lowest mortgage rates in history – don’t miss your chance!