{"id":44254,"date":"2016-02-04T10:06:25","date_gmt":"2016-02-04T18:06:25","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=44254"},"modified":"2020-10-06T17:08:21","modified_gmt":"2020-10-07T00:08:21","slug":"mortgage-rates-time-to-refinance","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-time-to-refinance\/","title":{"rendered":"Mortgage Rates: Time to Refinance?"},"content":{"rendered":"<figure id=\"media-44256\" class=\"align-none\"><span style=\"font-weight: 400\">Stock market volatility might be doing a number on your 401(k), but for house hunters it\u2019s been good news. Investors seeking calm are pouring money into the mortgage market, which is pushing down costs for buyers.<\/span><\/figure>\n<figure class=\"align-none\"><span style=\"font-weight: 400\">Mortgage rates fell for the fifth-straight week, with average 30-year, fixed-rate loan coming in at 3.72 percent. A week ago it was 3.79 percent, according to <\/span><a href=\"http:\/\/ctt.marketwire.com\/?release=1242376&amp;id=8371318&amp;type=1&amp;url=http%3a%2f%2fwww.freddiemac.com%2fpmms%2findex.html%3fintcmp%3dCWS-HP\"><span style=\"font-weight: 400\">Freddie Mac\u2019s<\/span><\/a><span style=\"font-weight: 400\"> weekly survey. Home loans haven\u2019t been this cheap since late April, when the 30-year fixed averaged 3.68 percent.<\/span><br \/>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/02\/rates-2016Feb4.png\" alt=\"mortgage rates\" width=\"1200\" height=\"750\" \/><figcaption class=\"wp-caption-text\">Source: Freddie Mac<\/figcaption><\/figure><br \/>\n<\/figure>\n<p><span style=\"font-weight: 400\">This isn\u2019t what we expected when the Fed raised short-term borrowing costs in December, Freddie Mac chief economist Sean Becketti said. \u201cFor now, though, sub-4-percent mortgage rates are providing a longer-than-expected opportunity for mortgage borrowers to refinance.\u201d<\/span><\/p>\n<figure id=\"media-44257\" class=\"align-none\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/02\/rates-2016Feb4-zoom.png\" alt=\"mortgage rates\" \/><figcaption>Source: Freddie Mac<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Fed policymakers meet again in March, but economists put the <\/span><a href=\"http:\/\/www.cmegroup.com\/trading\/interest-rates\/countdown-to-fomc.html\"><span style=\"font-weight: 400\">odds<\/span><\/a><span style=\"font-weight: 400\"> of another rate hike then at less than 10 percent. Most expect Chair Janet Yellen and her team to act in June. Don\u2019t fret if they do. Mortgages are having a historic run, which probably will continue for a while.<\/span><br \/>\n<span style=\"font-weight: 400\">\u201cOf all the concern we have, the availability of bank credit to both businesses and consumers isn\u2019t one of them,\u201d said <\/span><span style=\"font-weight: 400\"><a href=\"https:\/\/www.northerntrust.com\/insights-research\/market-economic-commentary\/economist-biographies\">Carl Tannenbaum<\/a>, chief economist of Northern Trust and chairman American Bankers Association economic committee, which released its <\/span><a href=\"http:\/\/www.aba.com\/Press\/Pages\/020316EACPressConference.aspx\"><span style=\"font-weight: 400\">annual forecast<\/span><\/a><span style=\"font-weight: 400\"> this week.<\/span><span style=\"font-weight: 400\"> \u201cHousing, which is gradually finding its footing, will continue to do nicely.\u201d<\/span><br \/>\n<span style=\"font-weight: 400\">We think credit availability is a <\/span><a href=\"http:\/\/www.forbes.com\/sites\/redfin\/2015\/08\/06\/are-you-a-risky-mortgage-borrower-depends-on-whos-asking\/#2a9bf96d5040\"><span style=\"font-weight: 400\">concern<\/span><\/a><span style=\"font-weight: 400\">, especially for first-time and self-employed borrowers. And the housing recovery\u2019s progress has been <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/01\/nine-years-after-home-prices-started-falling-here-are-nine-measures-of-how-far-weve-come.html\"><span style=\"font-weight: 400\">mixed<\/span><\/a><span style=\"font-weight: 400\">. But low mortgage rates are continuing to drive sales and prices.<\/span><br \/>\nHaving trouble getting a loan? Tell me your story.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stock market volatility might be doing a number on your 401(k), but for house hunters it\u2019s been good news. Investors seeking calm are pouring money into the mortgage market, which is pushing down costs for buyers. Mortgage rates fell for the fifth-straight week, with average 30-year, fixed-rate loan coming in at 3.72 percent. A week [&hellip;]<\/p>\n","protected":false},"author":13355,"featured_media":42999,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74,19],"coauthors":[],"class_list":["post-44254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mortgage Rates: Time to Refinance? - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Stock market volatility is good news for house hunters. 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