Home Mortgages: Should You Apply Now?If you're thinking about applying for a new mortgage or refinancing your current mortgage, you might want to take action now. In its survey this week (the week of Aug. 1), Freddie Mac, the corporation that finances many of the country's mortgages, reported that rates on 30-year, fixed-rate mortgages rose to a nationwide average of 5.82 percent. This represents the fifth week in a row that the rate on fixed-rate mortgages has gone up. This increase put the rate is at its highest since it averaged 5.91 percent for the week ending April 14. That's the not-so-good news. The good news is that rates on 30-year mortgages are still reasonable and have, in fact, stayed below 6 percent for all but two weeks this year. This, of course, would be for a new mortgage. If you are thinking of refinancing your current mortgage, you might want to look into a 15-year, fixed rate mortgage. The rates on these mortgages averaged 5.38 percent this week. This compares with an interest rate average of 5.34 percent last week. Frank Nothaft, Freddie Mac's chief economist, has said that "Long-term mortgage rates will more than likely rise over the next few months." Also, the Federal Reserve is expected to continue to increase a key short-term interest rate. It has increased this rate ten times since it began to tighten credit in June of 2004 and is expected to continue to increase this rate. Keep in mind that the nationwide interest rate averages quoted here do not include add-on fees known as points. Both 30-year and 15-year fixed-rate mortgages currently carry an average fee of 0.6 point Last year at this time, 30-year mortgages had an average interest rate of 5.99 percent and 15-year mortgages were at 5.40 percent. This means that right now, your interest rate on a new mortgage would probably be slightly less than a year ago. So, if you need a new mortgage or want to refinance your existing mortgage, now could be a pretty good time. For FREE help with debt and credit, subscribe today to Douglas Hanna's free email newsletter "8 Simple Steps to Debt Relief" at http://www.all-in-one-info.com.
MORE RESOURCES updated Fri. March / 29 / 2024 Types of Mortgage Refinance Options Bankrate.com Discover Home Loans Review 2024 - Mortgages Business Insider How to Refinance Your Mortgage NerdWallet Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider Mortgage Interest Rates Today, March 28, 2024 | Rates Are Down This Week. Will They Stay That Way? Business Insider Underwater Mortgage: What To Do Bankrate.com Mortgage Refinance Rates: Compare Current Rates Business Insider When to Consider Refinancing Your Mortgage Business Insider Mortgage Interest Rates Today, March 27, 2024 | Rates Down Slightly as Homebuying Season Ramps Up Business Insider 30-year refinance rates: What to know CNN Underscored The best mortgage lenders for refinancing in March 2024 CNN Underscored 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider Mortgage Relief and Mortgage Assistance Programs [2024 ] The Mortgage Reports Mastering Rate-and-Term Refinance: a Complete Explainer Business Insider Current mortgage refinance rates CNN Underscored Mortgage demand falls again HousingWire Should You Refinance Your Mortgage In 2024? Bankrate.com Best Mortgage Refinance Lenders In 2024 Bankrate.com Current mortgage interest rates: Mortgage rates today CNN Underscored Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports When to Refinance Mortgage: Is it Time? - Buy Side from WSJ The Wall Street Journal Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports How Soon Can You Refinance a Mortgage Loan? 2024 Rules The Mortgage Reports How To Refinance An Underwater Mortgage Bankrate.com How Soon Can You Refinance a Mortgage? NerdWallet Current 15-year refinance rates — and lenders that offer them CNN Underscored Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports Can You Refinance With No Income Verification in 2024? The Mortgage Reports Best Refinance Lenders of March 2024: Refinance Your Mortgage The Motley Fool What Credit Score Do I Need To Refinance? Bankrate.com Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free The Wall Street Journal CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor Should You Refinance Halfway Through Your Mortgage? Bankrate.com Mobile Home Refinancing | Loans & Rates 2023 The Mortgage Reports
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