Mortgage rates fall as 30-year refinance rate drops to 6.50%
Updated
Updated · Norada Real Estate Investments · May 2
Mortgage rates fall as 30-year refinance rate drops to 6.50%
12 articles · Updated · Norada Real Estate Investments · May 2
The 15-year fixed refinance rate also fell 11 basis points to 5.57%, while the average five-year ARM refinance rate edged up two basis points to 7.06%.
The decline may help homeowners with loans near 7.5% or higher, but refinancing costs of 2% to 6% of the loan mean savings depend on break-even calculations.
Refinance applications jumped 51% year on year in April, yet persistent inflation, oil prices and global uncertainty are expected to keep rates roughly between 6.0% and 6.5% this year.
If Middle East tensions ease, how quickly could homeowners see mortgage rates drop below 6% again?
With rising closing costs and 'sticky' rates, are there smarter alternatives to refinancing for homeowners seeking savings?
Could another unexpected global event send mortgage rates soaring again, or is the worst volatility behind us?