Check out this great news!
Current mortgage rates have dropped for the first time since early-February.
For March’s first week, average 30-year mortgage rates fell across all mortgage loan types including FHA loans, USDA loans, and VA loans; as well as conventional loans backed by Fannie Mae and Freddie Mac.
Rates had climbed for three straight weeks prior to this week’s drop. The last time mortgage rates had climbed for three straight weeks was at the start of last February.
Whether you’re a home buyer or an existing U.S. homeowner, it’s an excellent time to comparison shop today’s loan rates.
Millions more U.S. homeowners are now “in the money” to refinance to lower rates and payments. Plus, for homeowners with an existing FHA-backed mortgage, there’s an added personal finance opportunity.
As mortgage rates have dropped since 2014, home values have climbed. The time may be right, therefore to stop paying FHA MIP. FHA homeowners are refinancing out of their FHA loans and taking conventional mortgages with cheaper, long-term payments.