The Washington Post reports that the rates on 30-year mortgages are continuing the trend of slowly sinking down an averaged 6.63 percent last Thursday, down from 6.67 percent the previous week. As the rate continues to creep down, it will cost purchasers less money to borrow the money they need for real estate. With this trend, hopefully buyers will be spurred into the market, creating more activity in theses summer months.
Read the article here.
If you have an adjustable rate mortgage, now is the time to consider refinancing to a 30-year fixed rate. Rates are anticipated to begin to increase again in the late summer or early fall. Do not miss this chance.