20 Month Low for Mortgage Rates

Mortgage Rates Hit 20 Month Low

Should we be expecting another refinance boom? Some experts think so! At just 3.6%, the 30-year fixed rate mortgage has hit a 20 month low, and industry leaders believe this could lure even more homeowners to refinance this spring. 

Plus, we look forward to a greater number of first-time buyers this spring with the increasing affordability of homeownership.

20 month low

“Conditions are very favorable for first-time homebuyers to start getting back into the market. Mortgage rates are falling, FHA insurance premiums are coming down, home prices are cooling and employment is steady,” Sean Nelson, the director of global rating agency Fitch, explains.