Friday, August 6, 2021

For the past few months, mortgage rates are moving in a downward trend. Many experts thought that that the rate would go up in August, but it didn’t happen. Comparing with the last few months, mortgage rates have been quite low, signaling a great opportunity for borrowers. According to bankrate.com, the rates for today are as follows:

·       30-year fixed mortgage rate: 2.960% for home purchase and 2.940% for refinance

·       15-year fixed mortgage rate: 2.250% for home purchase and 2.240% for refinance

·       5/1 ARM: 2.800% for home purchase and 2.720% for refinance

·       30-year fixed-rate jumbo mortgage rate: 2.970% for home purchase and 2.940% for refinance

What’s the Trendline?

30-year fixed-rate mortgage

The rates have been the same since yesterday. Fortunately, they are down by five basis points since last week. Additionally, the rates are ten basis points lower than the previous month. All of this data signals that the rates won’t increase soon. Unless the COVID situation starts to settle, the rates will flicker downward for an unforeseen future.

Similarly, the refinance rate is also down by six basis points since last week. According to statistics, it is lower by nineteen basis points since last month. Therefore, it’s a good chance to avail low-interest rates on current mortgages through refinancing. In this way, you can even save interest costs and reduce monthly bills.

15-year fixed-rate mortgage

Since yesterday, there has been a decline of one basis point, while the rates are low by five basis points compared with a week statistic. The extremely low rate suggests the borrowers shift to a 15-year mortgage because it can help pay back the mortgage earlier. Additionally, the refinance rate is also five basis points lower.

Shifting from a 30-year to a 15-year mortgage will get you a low-interest rate, and the interest cost savings can help you repay the mortgage earlier.

5/1 ARM

Since yesterday, the rates are up by one basis point. However, there is an incline of two basis points since last week.

30-year fixed-rate jumbo

This mortgage functions more in line with the typical 30-year fixed mortgage. Likewise, yesterday’s rates are unchanged, while there has been a decline of five basis points since last week.

Final Verdict

No one knows how the mortgage market will be a month later. Therefore, it’s better to take advantage of low rates now and refinance quickly. If you are looking for refinance deals, get customized quotes from the rate checker.