Many people have recently considered refinancing their homes, and there is no time like the present. Freddie Mac said last week that the average U.S. 30-year fixed mortgage rate dropped to 4.15 percent, the lowest it has been in 50 years. Rates based on a 15-year mortgage were down to 3.36 percent, which is a 13.8 percent change from the previous year.
Currently, the average interest rate is 5.1 percent for most homeowners. Several borrowers have noticed this discrepancy and have started to apply to refinance their mortgages in order to save on their home loans. Refinancing, which accounted for more than 70 percent of all mortgage activity in the first half this year, has shown a sharp upward trend since the end of July. Data from the Mortgage Bankers Association has shown a 4.1 percent increase in refinance applications in the past week alone.
Are you considering refinancing your home? Let Horizon Bank help you explore your options and help you navigate the current interest rates so you can find the best option for your loan. Check to see if you are qualified to adjust your mortgage’s interest rate and learn more about the refinancing process at our Mortgage Web Center.