Home mortgage rates have dipped once again to a generational low. The mortgage refinance rate has actually fallen to its lowest point since Freddie Mac started tracking interest rates in 1971. Will these record low refinance rates entice homeowners to refinance again? Americans have proved time and time again that if you give them an opportunity to save money then they will move forward with a home refinance transaction.
According to Freddie Mac Market Survey, the fixed 30-year rates averaged 4.39% for the week ending August 4th while the 15-year fixed fell to 3.54% amid falling bond yields and signs of a weaker-than-expected economy.
Greg McBride, senior financial analyst at Bankrate said, “Anyone who refinances at these historically low interest rates is a beneficiary of concerns about the economy and poor results on Wall Street,” said. By now most people know that home mortgage rates are great, but the real question for most borrowers is, “Do they qualify?”
