Whether you are trying to secure a mortgage for a new home or looking to refinance your existing mortgage and consolidate debt, you have to love this news.
Mortgage rates fell for the fourth week in a row and the sixth time in seven weeks. The 30-year fixed hasn’t been this low since the first week of April.
Last week, a 30-year fixed rate mortgage was 6.57. However, that rate dropped this week to 6.52, partly due to a slowdown in the rate of inflation.
The average 15-year fixed, which is a popular option for refinancing, fell to 6.23 percent. On bigger loans, the average jumbo 30-year fixed fell to 6.77 percent from 6.79 percent. Adjustable-rate mortgages went both ways. The popular 5/1 ARM fell 4 basis points to 6.28 percent, while the one-year ARM rose 1 basis point, to 6.02 percent.