May 2019: Mortgage Interest Rates are at a 14 Month Low
According to the housing giant Freddie Mac, mortgage interest rates are at a 14 month low. This is great for anyone looking to refinance and also this is very helpful for the summer home buying season.
As recently as late 2018 the prediction for an average interest rate was 5.1% which has now been revised to 4.3% for 2019.
Remember, there are many factors that go into pricing a loan
Remember, there is a multitude of factors that go into pricing an interest rate. Credit score, loan to value, loan program, cash out refinance or purchase, all play a significant role.
Typically FHA mortgages have the lowest rates but the highest mortgage insurance. Conventional loan programs have low mortgage insurance but are extremely sensitive to credit score.
It is usually smart to look at both to compare what will be best for you.
Visit our interest rates page to learn more.