The 10 year treasury yield, regarded as the best indicator for 30 year fixed mortgage refinance rates, has declined 5 straight weeks . The yield matched it’s lowest level in 2 months Friday when for a moment it dipped to 3.295 before rising to 3.343 where it closed.
Mortgage Refinance Rates Last Week
Freddie Mac reported conforming 30 year fixed mortgage rates averaged 5.07 percent Monday through Wednesday of last week. A mortgage refinance at a loan amount of $200,000 fixed for 30 years at 5.07 percent is $1,082.22 principal and interest. Our research of wholesale lender’s mortgage refinance rates throughout last week showed as low as 4.875 percent available, with normal points and fees, for the entire week. Borrowing costs were least expensive Friday mid day when mortgage refinance rates neared 4.75 percent fixed for 30 years.
Mortgage Refinance Applications Up
Mortgage refinance applications sky rocketed up 23 percent last week according to the Mortgage Banker’s Association. The increase in mortgage refinance applications is credited to lower mortgage refinance rates.
Despite the higher volume of mortgage refinance applicants mortgage refinance has been hampered by declining home values, an inefficient but newly required appraisal procedure, lower average American credit scores, unemployment, and of course strict underwriting guidelines.
About the Author. Freelance Writer Sheldon Levene has been in the mortgage industry since 1973 working for several prominent banks as a retail loan officer before becoming director of operations at a major Southern California sub prime outfit. You can reach Sheldon by Email. 
