According to a recent report from Freddie Mac, mortgage rates continue to hover near 4 percent.
This trend may give you more options in terms of refinancing loans as rates remain close to historic lows.
“Mortgage rates eased slightly this week with fixed-rate loans hovering above all-time lows and ARMs reaching a new nadir,” said Freddie Mac vice president and chief economist Frank Nothaft. “The high-degree of home-buyer affordability in recent months translated into a 1.4 percent pickup in existing home sales during October, according to the National Association of Realtors.”
These low rates can make your monthly mortgage payment much more affordable than during previous years. In addition, as the housing market enters its slow season, the number of mortgage applications reported by the Mortgage Bankers Association fell by 1.2 percent, which could make it less competitive when trying to qualify for a loan.
Meanwhile, the MBA reported that refinancing made up almost 76 percent of total application activity as more homeowners take advantage of the affordable mortgage rates.
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