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Mortgage rates have decreased since last Friday, but refinance rates have increased. Fixed mortgage rates are significantly lower than adjustable rates.
Mortgage rates tend to be low when the economy is struggling. The coronavirus pandemic has hurt the US economy, and it’s taking a while for the country to recover.
Christian Wallace, Head of Real Estate Services at Better.com, told Insider that rates will likely stay low as the US waits to see if there is a fourth wave of coronavirus. A fourth wave could cause more people to stay home, which would hurt the economy.
It could be a good day to get a low mortgage rate. But don’t worry if you aren’t ready to buy or refinance yet, because rates will probably stay low for a while.
Rates from Money.com
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Mortgage rates are low in general. The highest rate right now is the 7/1 ARM rate, which is 4.32%.
Keep in mind, these are the national average rates for conventional mortgages, which might be what you think of “regular mortgages.” You could get a lower rate on a government-backed mortgage through the FHA, VA, or USDA.
Rates from Money.com
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You can probably refinance into a 15-year fixed mortgage at under 3%,…
