by Maurie Backman | Aug. 14, 2020
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Here are your top mortgage news stories for the week. See what's been happening with interest rates and buying trends.
A lot's been happening with mortgage rates and homebuying this week. Check out these top stories from The Ascent.
With interest rates so low, many homeowners are clamoring to refinance their mortgage. But watch out, because a refi could soon be much more expensive thanks to a new "adverse market refinance fee."
On Aug. 6, mortgage rates averaged 2.88% for a 30-year fixed home loan and 2.44% for a 15-year fixed loan. Not everyone will qualify for a rate that low, but the higher your credit, the more likely you are to snag the best offers, so it could pay to start mortgage shopping soon if you're looking to buy.
Mortgage rates have fallen significantly, yet consumers agree that now's not a great time to buy a new home. What gives? We can chalk it up to limited housing inventory, higher home prices, and general economic uncertainty.
A 30-year mortgage under 2%? Is it too good to be true? Actually, sort of. The 30-year mortgage is trending closer to 3% this week, and while it may be possible to score a lower rate, you'll generally pay a lot more up front for it in the form of points and closing costs.
Home prices have risen 8.5% from last year, and the reason stems from a lack of inventory. As such, many buyers are getting priced out despite the fact that financing a home is cheaper now than ever.
Refinancing gives you a great opportunity to lower your monthly mortgage payment and save money on interest throughout the life of your loan. But don't rush to refinance just because rates are low. If you're not planning to stay in your home very long, you could end up losing money in the course of refinancing.
Whether you're looking to buy a home, refinance a mortgage, or learn more about what getting a home loan entails, keep checking out The Ascent's mortgage coverage to stay in the know on all things homebuying related.
Chances are, interest rates won't stay put at multi-decade lows for much longer. That's why taking action today is crucial, whether you're wanting to refinance and cut your mortgage payment or you're ready to pull the trigger on a new home purchase.
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