These last week rates have been lowering, the 30 yr fixed is at a record low with an averaged 3.56% which is down from 3.62% the previous week. The same time last year the 30 yr fixed averaged at 4.51%. This week marks the 16th straight week that the 30 yr average has stayed below 4%!
Not only is the 30yr fixed down but the 15-year fixed also lowered, averaging at 2.86% last week, a year ago the 15-year fixed averaged 3.65%.
If you have been on the fence of buying now is the time to look into it. If you are debating refinancing again, now is the time to look into it as well. We have helped many clients in saving hundreds of dollars a month, some are even refinancing into 15-year loans. This is a great time to lower your term if your goal is to payoff your home sooner.
Bankrate’s findings also showed that the jumbo 30 yr fixed fell to 4.44% and the 15-year dropped to 3.05% both at a record lows!
A release from Bankrate stated that “between the European debt crisis and evidence of weakened economic growth in the U.S. and around the globe, investors have plenty to worry about and when investors worry they gravitate toward secure investments like U.S. government bonds, to which mortgage rates are pegged”
Here are some great references to read more. Also see Bankrate for other great articles and references.
Click here if you would like to complete an online loan application to take advantage of these great rates!
As always, please send me an email or give me a call if you ever have any questions.
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Summit Home Mortgage
303-779-0591 ext. 101