Aug
03

30 Year Mortgage Refinance Rates Fall Again

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Mortgage lenders and homeowners received more positive mortgage refinancing news today as home refinance rates fell across the board. Interest rates on 30-year fixed-rate mortgages dropped in the latest week, real estate website Zillow.com said Tuesday.  Uncertainty over the economic recovery has spurred demand for safe-haven U.S. government debt, pulling yields and mortgage interest rates lower. Those lower home loan rates should lift mortgage refinancing activity and put more cash into consumers’ hands to funnel into the economy. They also make homes more affordable as the housing market copes with the absence of government support.  According to Zillow Mortgage Marketplace, mortgage rates on 30-year fixed rate home loans reported 4.28% Tuesday afternoon, down from 4.38% at the same time last week.

The 30-year fixed mortgage rate steadily declined for the majority of the week, hovering near 4.34%, with a steep fall to 4.29% on Monday, Zillow said.   Mortgage refinance rates on other types of home loans also fell.  15-year fixed mortgage rates were 3.85%, down from 3.87% the prior week. Rates for 5/1 ARM loans set at a fixed rate for five years and adjustable each following year, were 3.27%, down from 3.37%.  Rates for FHA refinance loans also dropped to 4.25% on averages for fixed 30-year terms.  Rates on 30-Year home equity loans fell another .15% so many borrowers looked to refinance their adjustable rate HELOC into a fixed rate loan.

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  1. The net amount of home equity converted to cash as part of a refinance, adjusted for inflation, also reached its lowest level in 16 years, Freddie Mac reported. About $5.3 billion in net home equity was cashed out during the refinance of conventional prime-credit home mortgages, down from $6.3 billion in the 2nd quarter.

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