Freddie Mac says 30-year fixed mortgage rate stands at 6.23%
Updated
Updated · USA TODAY · May 3
Freddie Mac says 30-year fixed mortgage rate stands at 6.23%
9 articles · Updated · USA TODAY · May 3
As of 23 April, Freddie Mac said the rate was at its lowest level in the past three spring homebuying seasons, after dipping to 5.98% in February.
The report says lower borrowing costs could help retirees and near-retirees relocate, downsize or refinance, though some may avoid a new mortgage by using home-sale proceeds to buy outright.
It cautions that refinancing may make sense mainly when the new rate is at least one percentage point lower, and shorter 15-year or 10-year loans may better suit retirement planning.
What hidden financial traps await retirees looking to downsize or refinance in today's housing market?
Will proposed 50-year mortgages fix the housing market, or just create a new generation of long-term debt?
As baby boomers stay in their homes, are they unintentionally locking younger generations out of the housing market?