Mortgage Rate Drop Opens Refi Door For Nearly 5 Million Homeowners

Thanks to declining mortgage rates, homeowners have more incentive than ever to refinance. photo credit: Getty.

The increase is thanks to a record-setting dip in mortgage rates last week. According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage was 4.06% last week—down from 4.28% the week before and the biggest single-week drop in rates in more than a decade. Still, homeowners might want to hurry if they’re looking to take advantage of that rate incentive. Thanks to softening home price growth, tappable home equity is actually down. Homeowners lost $229 billion in equity last quarter and $348 billion the quarter before that.

“Once again, the decline is being driven by falling home prices in some of the nation’s most expensive markets,” Graboske said.

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The 4% Mortgage Is BackMortgage rates are fast falling toward 4%, a rate low enough that economists and lenders believe it will help jump-start the housing market again. Sheesh Will this be enough to turn around the declining housing market? TheOriginalJBA
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Mortgage rates continue to nose-dive as 30-year fixed experiences biggest one-week drop in a decadeThe 30-year fixed-rate average fell to 4.06 percent, its lowest level in 14 months. Good, leave it alone. You dishonest, deceitful, bias media. What happened a decade ago?! 🤔 oh yeah, the recession... MeNing housing lending is tanking because the economy is about to drop off a cliff. Republicans ALWAYS crash the economy. Every time they have held power since 1907
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