This is great news for potential homebuyers and those looking to take advantage of lower rates.
The national average for a 30-year fixed rate mortgage was 4.14 percent on December 16th. This is down from the 4.19 percent that it was at on December 9th. Meanwhile, 15-year fixed rate mortgages had an average interest rate of 3.30 percent, down from last week’s 3.39 percent.
The decline in mortgage rates is encouraging news for potential homebuyers and those looking to refinance their existing mortgage. This decrease in mortgage rates allows borrowers to purchase a home or refinance their existing mortgage at a more attractive rate.
For those looking to buy a home, this decrease in mortgage rates could help them to afford a larger home with a smaller down payment. Those already owning a home could benefit from the lower rates by taking advantage of refinancing opportunities. This could help to lower their monthly mortgage payments or give them access to additional cash through a cash-out refinance.
For those considering refinancing, it is important to note that the costs of refinancing can sometimes be more expensive than the savings received. As such, potential borrowers should carefully consider their financial situation as well as their long-term goals before making the decision to refinance.
In conclusion, the Vantage Mortgage Group’s weekly rate tracker for December 16, 2014 shows a slight decline in mortgage rates since the previous week. This could be good news for potential homebuyers and those seeking to refinance their existing mortgage. The smaller interest rates could allow borrowers to purchase a larger home with a smaller down payment or benefit from lower monthly mortgage payments or extra cash from a cash-out refinance. However, refinancing can come with hidden costs that should be weighed against the potential benefits before making a decision.
This article was contributed on Dec 06, 2023