Thirty-year fixed mortgages slipped to 4.27 percent this past week, the lowest on records dating back to 1971, from 4.32 percent the previous week.
A drop in interest on 15-year loans to 3.72 percent from 3.75 percent, meanwhile, was the lowest on records dating back to 1991. Freddie Mac also reported that the five-year adjustable-rate mortgage fell to 3.47 percent from 3.52 percent the prior week, and the one-year ARM dropped to 3.40 percent last week from 3.48 percent.
Its a great time to refi as I have personally done this week with Brand mortgage :) This helped me save about $300 a month. Thanks to the guys at Tennessee Title everything closed smoothly and I walked out of the closing with the same house and a reduced payment!
[SOURCES: Freddie Mac; Information, Inc.]
The Ashton Real Estate Group of RE/MAX Advantage
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