If you locked your rate in the last two weeks
JUMP SHIP and come over to lower rates
Ask me how
(949) 784-9699
The
stock market’s plunge following the Brexit vote was bad for most people’s retirement accounts but good for those looking to refinance their mortgage. Even as
the market has started to recover its losses and the flight to bonds’ safety
has eased, home loan rates remain down.
Despite
the low rates, growing pessimism over the direction of the economy is spilling
over into home-purchase sentiment. Pending home sales – those deals that are
under contract but have not closed – declined in May, marking their first
annual drop in nearly two years. Rates may be low, but not many people are
rushing out to make a big purchase such as a home with so much economic
uncertainty. The group most likely to benefit from low rates are homeowners
seeking to refinance.
According
to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate
average plunged to 3.48 percent with an average 0.5 point. (Points are fees
paid to a lender equal to 1 percent of the loan amount.) It was 3.56 percent a
week ago and 4.08 percent a year ago. Since the beginning of the year, the
30-year fixed rate has plummeted nearly 50 basis points. (A basis point is 0.01
percentage point.) It has fallen 18 basis points in the past month alone.
The
15-year fixed-rate average sank to 2.78 percent with an average 0.4 point. It
was 2.83 percent a week ago and 3.24 percent a year ago.
The
five-year adjustable rate average dropped to 2.70 percent with an average 0.5
point. It was 2.74 percent a week ago and 2.99 percent a year ago.
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