Housing Wire reported this morning that mortgage rates hit another record low, dropping on the weak jobs report and continued economic chaos in Europe.
“The Freddie Mac survey showed the 30-year FRM averaged 3.67% for the week ending Thursday — a new low — ticking down from the prior week’s record average of 3.75%. Last year at this time, the 30-year FRM averaged 4.49%.
The 15-year FRM, a popular refinancing choice, averaged 2.94% — also a new low — down from last week‘s record average of 2.97%. A year ago, the average rate for a 15-year FRM was 3.68%.”
Falling mortgage rates couldn’t be happening at a more opportunistic time for homeowners.
The FHA Refi boom has just about to begin on June 11th (see this article), where current FHA borrowers can take their existing 5.00%+ FHA loan and refinance down to a 3.875%, saving $100-$400/mo, even if they are severly underwater in their home.
Plus, Fannie Mae and Freddie Mac borrowers can refinance, using various programs including theHARP 2.0 program for underwater borrowers.
Enjoy these low mortgage rates while they last. The more chaos in Europe and abroad, the better the interest rates get for American homeowners