Expectantly mortgage refinance volume is up over 5% week to week. Mortgage interest rates for 30 year fixed loans dropped to their lowest levels since May on Wednesday. Refinance application volume had been down since interest rates shot upward from all time record lows reached in April.
The average mortgage interest rate for a 30 year fixed home loan was 5.12 last week according to Freddie Mac. Our research of wholesale lender’s current mortgage interest rates shows 30 year fixed interest rates as low as 5% with zero buy down points available today.
The outlook for interest rates next week is unclear though many analysts predict mortgage interest rates will rise when the Fed discontinues its buying of home loan bonds in December. Higher interest rates combined with lower home values will shut the door on many homeowners who hope to save money by way of refinance. .
Other Mortgage Refinance Interest Rates:
15 year fixed mortgage interest rates are as low as 4.5% today. 5/1 ARM current interest rates are as low as 3.75%. Current interest rates do not include buy down points. Buy down points lower the interest rate and are in addition to normal points and fees.