The upward trend for mortgage refinancing rate Continues as 15-year fixed, 30-year compliant and 30-year jumbo loan renewals all increased this week.
In Bankrate’s weekly lender survey, the rates on these two 30-year refi products rose 4 basis points, to 3.41% for compliant loans and 3.76% for jumbo loans. Meanwhile, 15-year refi averages jumped even larger, 12 basis points, to 2.75%.
Despite these increases, mortgage rates remain very low compared to a year ago.
If you’ve had a loan that you’ve been paying off for a few years without refinancing, now might be your best chance to lower your rate. This increase should continue until the end of the year.
According to data company Black Knight, some 11 million homeowners can save by refinancing at current rates.
In the shorter term, most mortgage experts who responded Bankrate’s weekly poll said rates are expected to stay the same or increase again next week.
“As the price of gasoline over the past 4 months has gone from $ 2 to $ 3 per gallon, you might not recognize the market downturn just yet, but looking back several months from now, this will be painfully obvious, ”said Derek Egeberg, a certified mortgage planning specialist and branch manager at Academy Mortgage in Yuma, Arizona.