Hot off the press today (source: Portland Business Journal daily digest), mortgage rates are near their record low.
Long-term mortgage rates are near the lowest levels since Freddie Mac started keeping track in 1971, with the average 30-year fixed rate falling to 4.87 percent this week.
That’s the lowest 30-year average since falling to 4.82 percent in May. A year ago, 30-year fixed-rate mortgages were averaging 5.94 percent. Rates have been below 5 percent for four straight weeks now.
If you are thinking of re-financing, the dip in rates could mean hundreds of dollars in savings per month (the article quotes a $134/mo savings for a re-fi on a $200,000 loan taken out at rates from one year ago).
Call me to discuss - I can put you in touch with some great lender resources.