71%. This rate is slightly lower than it has been in recent weeks, but is still near its all-time low. The 15-year fixed rate is 2.17%, slightly lower than the week before.
The Mortgage Reports, a real estate industry news source, reported that mortgage and refinance rates today (November 24th, 2021) remain strong despite slightly declining from last week. The average rate for a 30-year fixed mortgage is 2.71%, which is slightly lower than what it has been recently but still near its all-time low. Similarly, the average 15-year fixed rate is also slightly lower at 2.17%. Other loan types are also experiencing similar drops in their interest rates, including the 5/1 adjustable-rate mortgage (ARM), the 10/1 ARM, the 7/1 ARM, and the jumbo loan.
Despite mortgage rates dropping, home owners should be cautious when considering to refinance due to closing costs and other fees that may make the process costly. For those who choose to refinance, they must do so with the right lender as the different lenders have different fees and interest rates. There may also be unique complications that have to be taken into account such as potential changes in the home insurance cost and taxes.
In order to maximize savings, home owners should look into both rate shopping and other mortgage types. Different mortgage types offer different benefits and should be looked into to see if it fits the needs of the home owner. Home owners should also compare different lenders to ensure they are getting the best deal possible. With the current climate of low mortgage and refinance rates, it is an ideal time for home owners to look into refinancing their mortgages and possibly save money.
Overall, mortgage and refinance rates are currently at their lowest point. Home owners who are looking to refinance should first consult with a mortgage lender and compare quotes from multiple lenders in order to get the best price. While today's low rates are ideal, the process of refinancing should be undertaken with care and with full consideration of the costs and fees involved.
This article was contributed on Jul 31, 2023