As Temperatures Rise, National Average Mortgage Rate Takes a Dip
Source: Informa Research Services
(06/23/2010) After rising slightly and remaining relatively flat for the past month, the national average rate attached to a 30-year fixed rate mortgage finally showed initial signs of decreasing. According to Informa Research Services’ Interest Rate Review, it dropped to just 4.91% from 4.99% two weeks ago. Whether this drop continues may be affected by today’s Fed announcement addressing their decision to raise or maintain the historically low Fed funds rate. Nonetheless, the best move for consumers in the meantime is to shop for local mortgage rates online.
Right now may be a good time for some folks to look into reassessing their current loan situation. With rates sitting low right now, refinancing your current mortgage to one with a lower rate attached may be the smartest thing you can do with your money. By refinancing your home loan, not only will you save money immediately by lowering your monthly payments, but you will also pay less interest over the life of your loan.
Mortgage rates are constantly on the move and they can be unpredictable at times. However, if consumers are familiar with what constitutes an attractive rate in the current market, they will be able to spot a great rate when they find it.
