Mortgage rates are continuing to drop in 2015, falling for three consecutive weeks.
Freddie Mac reported that lenders were offering 3.63 percent on a 30-year fixed loan last week, down from 3.66 percent the previous week and 4.39 percent a year earlier. 15-year fixed loan plan rates have fallen to 2.93 percent, down from 2.98 percent the week before and 3.44 percent last year.
Mortgage rates are looking good as they continue to thin out in January 2015.
With mortgage rates declining for the third straight week this year, some borrowers are looking to lock in these historically low rates.
The Mortgage Bankers association said last week that applications to refinance climbed 22 percent last week from the week before. Loan applications to purchase homes, however, dipped 3 percent last week.
It seems as if many home owners are eager to refinance and lock in low rates.
Andrew Khouri, from the Los Angeles Times, reported that “concerns over Asian and European economies have driven rates down to their lowest levels since May 2013.”
With mortgage rates at historical lows, and continuing to decline, it may be a great time to think about refinancing your mortgage or purchasing a home.
Mike Castle-Real Estate Broker
Century 21 M&M and Associates
1500 41st Avenue, Suite 100, Capitola, CA, 95010