Are mortgage rates at a point now where I should refinance?

According to the results of  Freddie Mac's most recent primary mortgage market survey, the 30-year fixed rate mortgage averaged 5.19% with an average 0.7 point.  The 30-year fixed mortgage loan has not been lower since Freddie Mac started the program in 1971.  The 15-year mortgage averaged 4.92% with an average 0.7 point.  So, as you can see, mortgage rates are indeed very favorable.

Your credit score, of course, is important, as well as the amount of equity you have in your property.  Although the rate may drop even further, this is certainly a great time to refinance your mortgage and save yourself cash on a monthly basis.

If you have questions about this or any other real estate matter, please contact Tom Bennett at (617) 531-6574 or tvb@barronstad.com.