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Mortgage Rates Are High. Here's Why You Still Might Want to Refinance
If your property value has increased, you may be able to move up the day you drop your mortgage insurance coverage. And even if you have less than 20% equity, mortgage insurance can get much cheaper if your loan-to-value is lower and/or your credit score has increased. It pays to contact a lender and run the numbers.
The average rate on 30-year fixed home loans registered 6.63% for the week ending Aug. 7, down from 6.72% last week.
The average rate on 30-year fixed home loans registered 6.72% for the week ending July 31, barely down from 6.74% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $660 per month in principal and interest on a $100,000 loan. 15-Year Jumbo Refinance ...
Another decrease in mortgage interest rates has led to an uptick in home loans, as well as homebuyers looking to refinance.
Mortgage refinance rates are expected to inch down over the coming months, but are unlikely to drop below 6.5% without multiple interest rate cuts and weaker economic data.
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