Money Monday: Time to Refinance Your Mortgage?

Time to Think About Refinancing Your Mortgage?

Source: NY Times

refinancing your homeDue to shifts in global bond markets, the average interest rate on a 30-year fixed-rate mortgage was 3.49 percent Monday, which is down from 4.2 percent a year ago and 3.9 percent at the start of 2016. As a result, now may a good time to check the rate on your home mortgage, because borrowers could save money by refinancing. For that, American homeowners can thank British voters, central banks in Europe and Japan, and a global economy that just can’t get out of first gear. Furthermore, mortgage rates could fall further in the weeks ahead as banks start to pass more of the savings from low rates in the bond market through to customers.

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