Some small signs of economic life over the past week has begun to move money back into the stock market, away from Treasury bonds, causing the 30 year rate to inch up a little. Freddie Mac's Primary Mortgage Market Survey (PMMS) indicates average 30 year fixed rate mortgages dropped to another low of 4.35 percent with 0.7 points. This is small increase from last week's 4.32 percent and well below this time last year when average 30 year fixed rate mortgages were 5.07 percent. The 15 year fixed rate mortgage average remained at 3.83 percent with 0.6 points. Last year's 15 year fixed rate mortgage average was 4.51 percent.
[AD]The low rates are starting to show signs of increased refinancing activity with mortgage applications increasing by 2.7% last week, according to the Mortgage Bankers Association.
You might not want to buy a new home, but are you considering refinancing your existing mortgage to take advantage of these historically low rates? Check with your local credit union to get a better rate on your mortgage and potentially save thousands in the long run. Credit Unions have money to lend, whether you are looking to refinance or get a first mortgage. Check with your local credit union for your mortgage loan. You will get personal service and very competitive rates. And since your credit union is local, you can talk to someone who probably lives in the same town as you. Your credit union is not going anywhere, so you can get assistance even after closing on your home.