Mortgage Rates Down 4 Years Running; Longest Refinance Boom Ever?

With mortgage rates on a 3-year bender, you may have already refinanced your original home loan. Maybe you’ve done it twice, or even six times. Yes, six!

But if you haven’t refinanced in the past 12 months, you’re leaving savings on the table. With mortgage rates down more than three-quarters of a percent, mortgage payments at today’s low rates are downright cheap as compared to one year ago.

Whether your mortgage is conventional, FHA, VA, USDA or jumbo, it’s time to look at rates.

30-Year Mortgage Rates Below 3.75%

It’s been a 4-year Refi Boom. Since 2008, the combination of aggressive Federal Reserve policy plus a weak economy have combined to push U.S. mortgage rates to levels bordering on insane.

Save 10% On Your Mortgage — Instantly

Falling mortgage rates mean falling mortgage payments. For homeowners quick enough to strike while the iron’s hot, the monthly savings can be huge — especially for households using the HARP refinance program who’ve been previously unable to refinance.

Today, the national average 30-year fixed rate mortgage rate is 3.67% for homeowners willing to pay closing costs and discount points. One year ago, the rate was 4.55%. That’s an 88 basis point difference in just 12 months — a huge difference.

About

Realtor with Greg Garrett Realty, actively licensed in the state of Virginia

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