This week The Washington Post published an article about mortgage rates dropping and the continued economic uncertainty that is largely driving the rate drop.
According to Freddie Mac, the 30-year fixed-rate mortgage rate average fell to 3.55% from 3.6% which turns out to be the lowest number since November of 2016.
The 15-year fixed-rate also decreased from 3.07% to 3.03%. The 15-year fixed-rate was up almost an entire percent a year ago.
“This is great news for buyers since lower mortgage rates make buying much more affordable,” said Daryl Fairweather, chief economist for Redfin real estate brokerage.
The negative to all of this (you may have noticed if you are currently in the middle of a loan) is turn times and loan approvals are taking quite a bit longer to get done. The refinance market has been flooded with loan applications causing approvals to take much longer because the demand is so high.
The amount of refinance mortgage activity is currently representing 62.7% of all applications according to The Washington Post.
To read the full article: