Mortgage Rates Are Down, Time To Refinance?

Mortgage rates are the lowest they have been since 2016 and applications to refinance are up.  The national average for a 30 year fixed mortgage has fallen to 3.6% as of August 14, 2019, down almost 1% from the average rate of 4.54% in 2018.  A good rule of thumb – refinancing makes sense if rates are at least ½% to 1% lower than your current rate.  If your current rate is more than 4.375%, and it likely is if you purchased your house in the last 3 years, you may be a prime candidate to benefit from refinancing.

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