If you’re considering mortgage refinancing to take advantage of today’s low refinance rates here’s what you can expect this week. Keep in mind when mortgage refinancing that you need to pay close attention to fees like the loan origination fee at closing as this out-of-pocket expense will make or break your refi. The reason closing costs are so important is that if you’re not able to break even recouping lender fees you’re losing money no matter how low your refinance mortgage rates.
According to HSH.com mortgage rates have remained nearly flat for the past five weeks, hovering around 4.0 percent. The average refinance rate for conforming 30-year fixed rate home loan dropped five basis points or .5% to 4.13%. Refinancing with a 5/1 Hybrid ARM is 3 basis points higher, hovering around 3.03%.
Mortgage refinancing rates are expected to remain constant throughout the busy holiday season as homeowners have other things on their minds besides shopping for a new home loan. Here’s a rundown of what you can expect shopping for mortgage rates through the end of December:
Conforming 5/1 Hybrid ARM: 3.03% (.21 discount points)