Freddie Mac reports a decline in the 30-year fixed mortgage rate to 4.80 percent during the week ended April 23 from 4.82 percent the prior week, while average interest on 15-year fixed loans held steady at 4.48 percent. Experts attribute the drop in the 30-year rate to the Federal Reserve’s plan to purchase upwards of $750 billion in additional mortgage-backed debt.
Do not forget about the new HASP mortgage refinance program that is basically a no cost, no qualifying refinance that should save you a full point on your mortgage. Talk with your current lender to see if you qualify! The rule of thumb is if you plan to stay in your home for at least another 1.5 years, you need to refi your loan under this program.