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Refinance Your Mortgage – Rates Drop Again

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Now is the time to refinance your home loan if you’ve been putting it off. Fixed mortgage interest rates declined for the second week in a row. The average 30 year mortgage interest rate dropped from 5.88 percent to 5.86 percent, according to a national survey of lenders. The 30 year fixed interest rate in this survey had an average of .35 discount and origination points. The average 15 year fixed interest rate declined slightly from 5.50 percent to 5.47 percent, while the average jumbo 30 year fixed rate dropped from 6.07 percent to 6.04 percent. The average 5/1 adjustable rate mortgage (ARM) decreased from 5.56 percent to 5.47 percent, and the one-year adjustable rate mortgage dropped slightly to 4.92 percent from 4.94 percent one week ago. Mortgage rates had risen six weeks in a running, from July into mid-August. Now they have gone down for two straight weeks. What’s different now? On June 30, the Federal Reserve raised short term interest rates, and long term rates responded with a sustained rise. The economy seems strong and investors expected a rise in inflation in the long term.

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Fixed mortgage rates remain low, as do monthly payments. Six months ago, the average 30 year fixed rate mortgage was 6.15 percent. At the time, the monthly payment on a $165,000 mortgage was $1,005.23. With the average rate now 5.86 percent, the monthly payment on the same $165,000 loan is $974.46.

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