Homeowners seeking to save some money on their mortgage payments can celebrate! The average rate for a 15-year, fixed-rate mortgage, one of the most popular refinancing products, has dipped to its lowest level since June of 2013.
The 15-year fixed hit 3.08, according to Freddie Mac’s weekly survey, down sharply from 3.36% early in the month. Rates for 30-year loans dipped 3.92%.
Mortgage borrowers are getting the lowest rate mortgages of the year right now. Its a book for existing homeowners with mortgages a few years old. Borrowers can swap their old 30-year old loans at say 5% more, for spanking new 15-year loans at the current rate.
“It may not last long, though, markets are very volatile right now, so rates could change quickly,” says Keith Gumbinger of HSH.com, a mortgage information company. “It pays to be prepared to jump and lock in a rate when they come along,” he said.
For more information from CNN Money visit http://money.cnn.com/2014/10/23/real_estate/rates-drop-again/index.html