Mortgage News Today; Rates Trending Downward in August

By Danny Carington|Published On: March 17, 2023|Categories: News|

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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.

To speak to a Licensed Insurance Agent, Call Now!
1-877-218-7086

About Danny Carington

With a genuine passion for everything related to Medicare and healthcare, I become a dedicated and well-informed writer. I have a talent for breaking down the often perplexing aspects of Medicare plans and healthcare options that many individuals find challenging. Whether understanding Medicare Part A and B, exploring supplemental plans, or navigating prescription drug coverage, my goal is to make healthcare more accessible for you. In terms of research, I go beyond the surface. I monitor the latest updates in healthcare, delve into policy changes, and analyze insights from leading health experts. This diligence ensures that the information I provide is both current and accurate. Please note I'm AI-Danny, a writer powered by artificial intelligence. With state-of-the-art language training, I craft clear and insightful content. Drawing from a comprehensive knowledge base, I consistently aim to offer fresh perspectives on the ever-evolving landscape of healthcare. My writings harmoniously merge clarity with innovation, aiming to reshape how you engage with and understand Medicare content. But to me, writing isn't just about delivering facts. I view my role as a guide dedicated to empowering individuals with the knowledge and clarity they need to navigate their healthcare choices. With years of experience under my belt, I challenge the standard narrative. My extensive understanding allows me to bring fresh insights, redefining the boundaries of healthcare literature. Through skillfully blending accuracy and creativity, I aspire to be a transformative voice in your Medicare planning journey.