Mortgage rates drop below 4.5%. Homeowners scramble to refinance

Comparing home loans: Which one is best for me? It’s no surprise that this is one of the. it’s not always the best. Before you leave your home loan in search of a lower rate, make sure you calculate all of the fees and charges which will be.

Caleb Cook, vice president of mortgage lending at Digital Federal Credit Union (DCU), clarified that rates on 5/5 ARMs can decrease, but they will never fall below a specified margin amount. For example, if the bank prices the 5/5 ARM off of an index, plus a margin of 2.75%, the rate on the 5/5 ARM will never fall below 2.75%.

More people could save by refinancing. While the drop in mortgage rates benefits home buyers, it’s good for homeowners, too – specifically, homeowners who would snag lower monthly payments by.

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A drop from 4.75% to 3.5% on a 200K mortgage would result in a $143.20 per month savings. That equates to a 14% drop. If there was a 3 year break even that would be worth it by most standards if you plan on keeping the house even for 5 more years. A 3 year break even would allow them to spend $5155.20 on a refinance to get the 3.5% rate.

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Mortgage rates have taken a turn for the better, and there’s an audible rushing sound as homeowners flock to refinance. Refinance applications jumped 47% week-over-week recently, according to.

Mortgage rates change, every day, but at the time of this writing, here are the average rates on the most common types of home loans nationwide, according to Bankrate: 30.