UCONN Home Refinance To A Low Rate
 
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Industry News

The 30-year conforming rate ranged from 3.31 percent to 5.38 percent for the week. A year ago, the 5/1 ARM was lower, at 3.08 percent. The average interest rate on fixed-rate mortgages (FRMs) for 30-year conforming loans, was down to 3.60 percent, the week ending Oct. The new record for the 5-year Treasury-indexed hybrid's adjustable rate (ARM) averaged refinance to a low rate 2.77 percent this week, with an average 0.6 point, down from last week's 2.80 percent.

The average was 6.69 percent a year ago. Check your credit score and make refinance to a low rate sure it's in good standing. With the 30 year fixed rate mortgage, the interest rate remains the same from day one, meaning borrowers can depend on the same bill amount from month to month and year to year.

A 30 year fixed-rate mortgage is often perfect for budgeting homeowners who wish to stay in the same house for a long time, but does have the drawback of paying more interest over the length of the loan compared with shorter-term loans. The average rate on the 15-year FRM was 2.97 percent, with an average 0.7 point, down from last week when it averaged 3.04 percent.

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