National average rates at 5.17%, local rates at 4.875%
Scott P. Rogers
As I mentioned a few days ago, low interest rates are helping people in this area cut down their monthly housing costs.
And yet interest rates keep falling further --- according to MarketWatch:
The benchmark 30-year fixed-rate mortgage tumbled to a national average 5.17% this week, the lowest level since Freddie Mac began its weekly rate survey in 1971.
What is remarkable is that the national average rate is always somewhat higher than you can acquire from a lender locally. I reviewed a good faith estimate yesterday for a re-finance at 4.875% fixed for 30 years.
If you'll definitely be buying in the next 3-6 months, now is a great time to consider doing so, given current rates. And if you aren't looking to buy / sell, but you have a rate higher than 6%, you should definitely investigate the cost savings of re-financing.
