Middling economic and job growth over the past year has continued pushing down the average rates on home loans, so that the 30-year fixed is now below 4% for well-qualified borrowers.
That said, the Mortgage Bankers Association expects better economic news to give rates a jolt over the next year (the 30-year could go to 4.5%). So grab a deal before they're gone.
Refinancers may want to consider shorter-term mortgages, notes Keith Gumbinger of consumer loan data firm HSH.com. While the spread between a 30-year and 15-year is historically 0.5%, the difference is now 0.74%.
Take advantage of lower rates
30-year conventional fixed rate mortgage: 2012: 4.0%; Now: 3.5%
30-year jumbo: 2012: 4.5%; Now: 3.9%
15-year fixed rate: 2012: 3.3%; Now: 2.8%.
Home-equity loan: 2012: 6.8%; Now 6.3%.
HELOC: 2012: 5.2%; Now:5.2%
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| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.98% | 3.90% | |
| 15 yr fixed | 3.15% | 3.03% | |
| 5/1 ARM | 2.76% | 2.72% | |
| 30 yr refi | 3.96% | 3.89% | |
| 15 yr refi | 3.12% | 3.03% |
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