Mortgage Rates Drop, Refinancing Surges

Mortgage rates have been declining, with the national average for a thirty-year fixed mortgage at six point zero seven percent. This has led to a surge in refinancing, with a one hundred and fifty percent year over year increase. The twenty-year fixed rate is five point nine nine percent, and the fifteen-year fixed rate is five point five four percent. Adjustable-rate mortgages are also available, with a five-one ARM at six point two one percent and a seven-one ARM at six point two nine percent. While thirty-year mortgages offer lower monthly payments, fifteen-year mortgages typically have lower interest rates. Improving personal finances is the best way to secure a lower rate, as experts dont anticipate a drastic drop in the near future.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.