This week we saw the benchmark 30-year fixed rate mortgage fall below 3% again according to Freddie Mac. While 15-year fixed-rate are down to 2.27%. This opens opportunities for refinancing and rate locks for many borrowers.
Sam Khater the chief economist at Freddie Mac noted that this creates a lot of opportunity for borrowers to refinance and increase monthly cash flow, with nearly $2 trillion in conforming mortgages able to refinance and reduce their interest rate by at least half a percent. He said last year homeowners who refinanced their 30-year fixed-rate mortgages saved more than $2800 annually.
