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Mortgage and refinance have gone down since last Thursday, and since this time last month.
If you’re ready to lock in a mortgage rate, you may want to go with a fixed-rate mortgage instead of an adjustable rate. Fixed rates are starting much lower than adjustable rates, and you’ll pay the same low rate for the entire life of your loan. With an ARM, you’d risk your rate increasing down the road.
Mortgage rates should remain low for a while, so you don’t need to hurry to buy to take advantage of low rates if you aren’t ready.
But if you know you want to buy soon, you should probably start the process of applying for preapproval and locking in a rate. According to a study by Redfin, over half of homes in the US are selling in two weeks or less right now. So once you’re ready to buy, you’ll want to be able to move fast.
Conventional rates from Money.com; government-backed rates from RedVentures.
Mortgage rates are low today. The highest rate right now is the 7/1 ARM rate, which is 4.14%.
Keep in mind, we’re including national average rates for conventional mortgages, which might be what you think of “normal mortgages,” as well as government-backed mortgage through the FHA or VA, (government-backed loans…