Are sub-5% Mortgage Loans Disappearing Soon? Is it Time to Buy or Refinance Now

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For nearly two months, homebuyers with good credit who can make a 20% down payment have enjoyed 30-year mortgage rates below 5%. However, as signs of an improving economy increase, the yield on bonds has been edging higher and pulling home-lending rates along as well.

Is the end of the sub-5% era in sight?

Freddie Mac’s widely followed rate survey pegged the average 30-year fixed mortgage at 4.94% for the week ended Thursday, up from 4.81% a week earlier. The survey assumes borrowers pay 0.7% of the loan amount in upfront lender fees and discount points.

The low rates have given homeowners another excellent opportunity to lower the interest rates on their mortgages. About three-quarters of all home loans written during the first two weeks of December were refinancings, Freddie Mac economist Frank Nothaft said.

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This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Are sub-5% Mortgage Loans Disappearing Soon? Is it Time to Buy or Refinance Now is brought to you by SimplifyEm Pay Rent Online and Property Management Software

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