Mortgage Rates Continue to Stay Low
A recent article in RealtyTimes reports that “economic data continues to influence investors,” leading mortgage rates to decline again last week.
For borrowers looking to refinance and reduce the term of their current mortgage from 30 to 15 years, this is good news, as conforming 15-year fixed mortgage rates dropped to 3.375%. Conforming 30-year fixed mortgage rates have stayed level.
Jumbo 30-Year Fixed
Jumbo 30-year fixed mortgage rates dropped to 4.875%. The industry has noted an increase in the number of jumbo mortgage loans as borrowers take advantage of the low rates. The jumbo conforming loan limit is currently set to drop to original amounts this fall — whether that actually occurs may depend on how many homes return to the jumbo mortgage market.
FreeRateUpdate.com reports that its daily survey of wholesale and direct lenders “show that jumbo 30-year fixed mortgage rates have decreased and are at 5% with 0.7 to 1% origination point… Right now, borrowers interested in these more expensive homes have everything in their favor.”