Now might be the best time for home owners who have been putting off refinancing. After a slight increase, mortgage rates slipped back below 4% this week, but it’s unlikely that they will remain near historic lows. Home owners with FHA loans could also benefit from reduced mortgage insurance costs because of efforts to streamline the process. Read what else to expect during the spring housing season in this week’s Friday Five.
Fixed Mortgage Rates Inch Higher
July 29, 2011
Mortgage rates turned course this week, with the benchmark conforming 30-year fixed mortgage rate rising to 4.74%, according to Bankrate.com. The average 30-year fixed mortgage has an average of 0.35 discount and origination points.
The average 15-year fixed mortgage moved up to 3.83%, as did the larger jumbo 30-year fixed rate, which is now 5.19%.