You’ve likely heard about the “historically low” mortgage rates over the past few years, but 15-year fixed rate mortgages dipped to an all-time low of 3.50% last week. And for their part, 30-year fixed rate mortgages averaged 4.32% last week, which is nearly an all-time low, and the lowest rate in the past nine months.
With rates this low, there’s a pretty good chance that you could score a “no-cost” refinance – wherein you accept a slightly higher than market rate in return for the lender covering your closing costs – and still come out way ahead.
In fact, these rates are so low that I almost wish we had a mortgage to refinance. Almost. 😉