For the third consecutive week last week, mortgage rates are on the decline!
You read that right!
For once it’s not the US economy in the news. With predicted economic troubles in Asia and the Eurozone, mortgage rates are as low as they have ever been since May of 2013.
Applications to refinance are up 22% since last week.
If you’re looking to start a mortgage, the time is now.
This time last year a 30-year mortgage had a rate of 4.39% and a 15-year mortgage had a rate of 3.44%.
Since last week, a 30-year mortgage has a new low rate of 3.66%, and a 15-year mortgage 2.93%!
That’s a difference of roughly .75% on a 30-year and 1% on a 15-year.
Now is the time to take out a mortgage!
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