Mortgage Rates Drop to 2011 Lows

The average 30 yr mortgage rate fell to 4.61% from 4.63% on Thursday. This is the lowest level since mid-December.

Additionally, the average rate on the 15 year fixed mortgage hit its lowest point since late November. The 15 yr fixed mortgage rate dropped to 3.8% from 3.82%.

These drops seem to be spurring refinancing among homeowners. Many borrowers are taking advantage of these low rates by either moving into a lower rate mortgage or reducing their term.

This is an opportune moment for many homeowners. We suggest speaking with a mortgage professional to see if these rates can benefit you based on your situation.