Last week’s massive drop in mortgage rates opened the door to serious savings for existing homeowners
Thanks to declining mortgage rates, homeowners have more incentive than ever to refinance. photo credit: Getty.
The increase is thanks to a record-setting dip in mortgage rates last week. According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage was 4.06% last week—down from 4.28% the week before and the biggest single-week drop in rates in more than a decade. Still, homeowners might want to hurry if they’re looking to take advantage of that rate incentive. Thanks to softening home price growth, tappable home equity is actually down. Homeowners lost $229 billion in equity last quarter and $348 billion the quarter before that.
“Once again, the decline is being driven by falling home prices in some of the nation’s most expensive markets,” Graboske said.
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