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Digital News Report – Refinance rates are lower today than they were a year ago, according to data collected by Freddie Mac. This is good news for homeowners looking to refinance or purchase a home.
Last March, the GSE said the average 30-year fixed rate mortgages (FRM) was 4.93%. This year the average is 4.76%, down 17 basis points. Last year the average 15-year FRM was 4.3%. Today the rate is 3.97%.
Home prices have fallen in certain areas of the country, making it more difficult to refinance. Determining the exact value of a home requires an appraiser.
Loan brokers can help estimate the value of a home and provide financing options.
Mortgage Capital Associates had a rates starting at 4.638%.
The final rate will depend on the credit history of the borrower, the loan amount and location of the home. A bad credit score can make it more difficult to qualify for a loan.
Quicken Loans had a rate of 4.954% today. Their 5/1 adjustable rate mortgage (ARM) started at 3.310%.
Amerisave had 15-year FRM rates starting at 4.287%. This rate was higher than competitors, including Nation’s Choice Mortgage which had a rate of 3.843%.
Not all loans are the same. For instance, Nation’s Choice had more fees. Their fees were $1,490. Amerisave had fees of $585. Neither told Digital News Report they had points but Nation’s Choice provided lower monthly payments.
By Tina Brown