Continuing this year's extend rally, conventional 30-year fixed-rate mortgage rates dropped 4 basis points (0.04%) last week to reach 3.57% nationwide, on average.
Mortgage rates are now at their lowest point since 3 years ago.
All of this is unexpected.
Mortgage rates had been forecast to reach five percent this year, at least. Now, with the right set of circumstances, it appears as if 30-year fixed-rate mortgage rates could quickly reach the 2s.
With mortgage rates down, home buyers -- especially first-time home buyers -- are finding themselves able to purchase "larger" homes; and, more than seven million U.S. households are now potentially eligible to refinance.
If you've been wondering whether it's a good time to lock a mortgage rate or to start that mortgage refi, the answer is "yes". Mortgage rates may continue to drop in the future, but what if they don't?