If you own a home you may consider refinancing your mortgage:
The 30-year fixed-rate mortgage followed Treasury yields lower, falling 7 basis points to 3.41% this week, according to Freddie Mac. Last week the fixed-rate averaged 3.48%, and a year ago it was at 4.04%. “Continuing fallout from the Brexit vote drove Treasury yields lower again this week,” said Sean Becketti, chief economist at Freddie Mac.
So if you’ve been considering a mortgage refinance, now’s the time.
Homeowners who have rate higher than 4.5% on a 30-year mortgage (those 4.5% loans were common up to 2011, says Gumbinger) would benefit from refinancing if they have excellent credit.
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