Mortgage Rate for the Popular 30 Year Fixed Loan is at its Lowest
Who knew that after the Federal Reserve raised interest rates in the fall last year, that it would now be at its lowest for 30 year fixed home loans? How long will this last and will mortgage rates continue to dip in the coming months? No one knows, but Matthew Graham, COO of Mortgage News Daily, seems to speculate that “the ingredients [are] in place for new all-time lows [coming] sometime soon.”
Factors that usually cause mortgage rates to either rise or dip are generally due to economic and political activity. So it would seem this time, it is reasonable to suspect that consumer confidence in oil prices and the stock market along with the upcoming presidential elections may be big reasons for the dip.
For home owners, it would seem that this is a great time to refinance your homes.
Check the chart below to compare today’s mortgage rates between different states. See how your state compares in mortgage rates with other states.
To explore the data, mouse over the bar chart to see more details.