The 30-year fixed-rate mortgage averaged 2.98% for the week ending July 16 marking the first time since Freddie Mac began tracking mortgage rates in 1971 that the rate on the 30-year mortgage dropped below 3%. Meanwhile, the 15-year fixed-rate mortgage dropped three basis points to an average of 2.51%.
What these rates mean for homeowners? Rates at historic lows mean just about everyone can save money by refinancing.
Along with saving money, this could be a good time for homeowners with an adjustable-rate mortgage to refinance into a new home loan with a lower, fixed rate. The same applies for homeowners who pay private mortgage insurance (PMI) who might have enough equity in their homes to refinance and eliminate PMI.
According to data from Black Knight, the average refinance candidate could save $290 per month through refinancing. The aggregate savings for all potential refinancers would be $5.2 billion per month among the current 18.1 million refinance candidates.
Call or text us at (305) 600-2366 for a recommended mortgage loan consultant in your area who specialized in refinance programs.