Marry the house, date the rate. That real estate advice is getting easier to follow now that mortgage rates have started to drop from a decades-long peak and homeowners can refinance to get lower monthly payments.
Applications to refinance home loans increased 19% last week from the previous week—or 27% year over year—after mortgage rates dropped from a high of 8% in mid-October to less than 7%, the Mortgage Bankers Association (MBA) reported Wednesday. A 30-year fixed mortgage currently averages 6.82%, according to Mortgage News Daily: the lowest it's been in months.
