The average mortgage rate on a typical 30-year fixed-rate mortgage dropped to 5.07 % in the latest week, McLean, Virginia based Freddie Mac told mortgage lenders last week. That’s down from as high as 5.59% in June, and up from the record low of 4.78% in April. While mortgage refinance applications rose to the highest since late May in the latest week, they remained 64% below the high this year set in January, according to a Mortgage Bankers Association index. Read the complete article at Mortgage Related News > Bonds for Mortgage Loans Yields Decline.
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FHA Streamline
According to Bryan Dornan, “The best time for a streamline loan for refinancing your FHA mortgage is when you are saving a significant amount of money monthly without adding on additional years with the new mortgage terms. Read the original article “When FHA Streamline Makes Sense for Mortgage Refinancing.”