According to Mortgage News Daily, for the week ending August 2nd, rates on 30-year fixed mortgages have reached 3-year lows. Current rates are the lowest since November 2016. Freddie Mac Chief Economist Sam Hater stated, as mortgage rates continued to hover near 3-year lows, purchase demand has responded, rising steadily over the last two months to the highest year-over-year change since the fall of 2017. Khater went on to say, “while the improvement has yet to impact home sales, there’s a clear firming of purchase demand that should translate to higher home sales in the 2nd half of this year.”
In addition to purchases, refinancing right now could not be more opportunistic for current homeowners. According to a study by Black Knight, based off current market rates, there are nearly 10 million borrowers that could lower their current mortgage rate by .75% by refinancing right now. The average borrower would save $267 per month via a refinance, resulting in a whopping $96,000 in savings over the course of a 30-year mortgage.
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