There is no question whether now is the time to buy or refinance - record low interest rates combined with affordable housing the likes we've never seen!Mortgage rates remained virtually unchanged from one week ago, holding steady at near record-low levels in two weekly surveys.
The Freddie Mac weekly survey put the average interest rate for a 30-year fixed-rate mortgage (FRM) at 4.57% with a 0.7 origination point for the week ending July 15, unchanged from the new record low set last week. A year ago, the 30-year FRM averaged 5.14%.
The Bankrate weekly survey of large banks and thrifts put the 30-year FRM average at 4.77% with a 0.41 origination point, up slightly from last week's record-setting average of 4.74%. The Bankrate survey has only been below this point twice in its 25-year history, both instances during the past two weeks.
“Fixed-rate mortgages continued to hover at 50-year lows, thereby supporting homebuyer affordability and refinance activity," said Frank Nothaft, Freddie Mac vice president and chief economist in the weekly report. "Over the past month, about four out of five conventional loan applications and more than one-half of FHA and VA loan applications were for refinance."
Full HousingWire article: http://bit.ly/c16I4t
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