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When to Refinance Your Mortgage (and When You Shouldn t)

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Monday s Best Mortgage Rates: Dec 28

Monday s Best Mortgage Rates: Dec. 28 Money.com 12/28/2020 © Money; Getty Images Mortgage-Rate-Dec-23-illo Existing home sales decreased in November, breaking a trend of 5 consecutive months of gains. However, sales remain well above 2019 levels. Home prices are still climbing while inventory reached a new low last month. The sale of new single-family homes was also down. Meanwhile, mortgage rates were down by 0.62 percentage points. Today’s Mortgage Rates The average rate for a 30-year fixed-rate purchase mortgage was 3.049% on Thursday, the most recent data available. On Wednesday, the average rate was 3.11%. Money’s mortgage rates include the data from over 8,000 lenders across the United States. These rates include discount points and represent what a borrower with a 20% down payment and a 700 credit score roughly the national average FICO score would have been quoted.

Is Now a Good Time to Refinance My Mortgage?

Is Now a Good Time to Refinance My Mortgage? Money.com 12/15/2020 © Money; Getty Images Refinance-Mortgage-2021-B Homeowners refinanced in droves this year and it’s no wonder. With mortgage rates dropping to an all-time low of just 2.71% at one point, the financial incentive at least for many homeowners was huge. On a $200,000 mortgage, for example, refinancing from a 4.25% rate to a 3% one a rate higher than today’s current average, according to Freddie Mac homeowners could shave $140 off their monthly payment and a jaw-dropping $88,000 over a 30-year loan term. For those who had loans from 2009 or earlier, when rates rarely dipped below 5%, the savings could be even bigger.

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