Freddie Mac released their PMMS report yesterday revealing that mortgage rates are at levels we haven’t seen in a year. This is the sixth week in a row that that Prime Market Mortgage Survey has reported rates trending lower.
From Freddie Mac’s Chief Economist, Stan Becketti:
“The 30-year mortgage rate dropped another 7 basis points this week to 3.65 percent. This week’s drop leaves the mortgage rate just 6 basis points above last year’s low of 3.59 percent.”
“In a falling rate environment, mortgage rates often adjust more slowly than capital market rates, and the early-2016 flight-to-quality has run true to form. The 30-year mortgage rate has dropped 36 basis points since the start of the year, while the yield on the 10-year Treasury has dropped 59 basis points over the same period. If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing.”
Remember, this data is based on last week’s rates and the markets have been very volatile. FHA and VA rates are much lower too. This is really a great opportunity to consider refinancing your existing mortgage. With our higher home values, you may be able to drop your mortgage insurance, reduce your payment, shorten your term, fix your adjustable rate or pay off your home equity line.
Regardless of your reason for refinancing, I’m happy to review your scenario to see if refinancing now pencils out for you for your home located anywhere in Washington state. Click here for a no-hassle rate quote.