• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

PRESSLED

Your Leading News Source

PRESSLED
Your Leading News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • US
  • Meet the Reporters
  • About/Contact

Mortgage Rates Fall Again As COVID Clouds Global Outlook

May 14, 2021 by Staff Reporter

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.

Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.

We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.

Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.

 

Mortgage rates fell again this week, a pullback that further widens the window for homeowners who have yet to refinance their home loans.

The average cost of a 30-year fixed-rate mortgage ticked down to 3.21 percent from last week’s 3.27 percent, according to Bankrate’s national survey of lenders. Rates reached a record low of 2.93 percent in January. The 15-year fixed-rate mortgage also fell, dropping to 2.48 percent compared to last week’s 2.57 percent.

Bankrate includes origination points and other fees in its figure. The 30-year fixed-rate loans in this week’s survey included an average total of 0.3 discount and origination points.

 

The rate turnabout offers an opportunity for millions of American homeowners who still could benefit from refinancing.

“For whatever reason, there are a lot of people who haven’t refinanced,” says Brian Smith, mortgage advisor at Union Home Mortgage in Ohio. “Some people need to hear the refinance message one time and they take action. Some people need to hear the message 10 times, or 20 times, and then they act. And some people wait until the opportunity is almost gone.”

Mortgage rates plummeted after the coronavirus recession struck in the spring of 2020, a trend that helped drive the surprisingly strong housing market. The upward trend in mortgage rates reflects signals of an economic turnaround.

However, COVID-19 remains a threat to much of the world, a reality that has created clouds over the global economic outlook, says Logan Mohtashami, housing analyst at HousingWire.

“We are getting closer and closer to being able to walk the earth freely here in America, but this isn’t the case in other countries,” he says.

Meanwhile, home prices have risen robustly during the pandemic, and rock-bottom mortgage rates helped push home values higher. For homebuyers, and especially first-time buyers, rising prices pose an affordability challenge.

In one sign the rates will continue to rise, the 10-year Treasury yield, a key indicator for mortgage rates, has more than doubled in recent months. With Democrats taking control of the White House and Congress, a generous stimulus bill has been enacted — and more government spending could be coming.

“The good economic news has been priced in, and the Fed is consistent in their messaging that they intend to support the recovery with low rates for quite some time,” says Greg McBride, Bankrate’s chief financial analyst.

Mortgage experts polled by Bankrate are evenly divided about where rates will go in the coming week, with half expecting rates to stay the same and half predicting a decline.

Learn more:

Originally Appeared On: https://www.bankrate.com/mortgages/mortgage-rates-april-21/

Filed Under: BUSINESS, MONEY

Primary Sidebar

More to See

Initial jobless claims jump 40% in state | Local Business News

First-time jobless claims in the state increased by 40%, according to a government report.For the filing week ending July 30, the number of initial … [Read More...] about Initial jobless claims jump 40% in state | Local Business News

2025 Catcher Dominic Stephenson Commits to Georgia Tech

After landing 2025 outfielder Wesley Bass last week, Georgia Tech Baseball got another talented player to commit from the state of Georgia. Dominic … [Read More...] about 2025 Catcher Dominic Stephenson Commits to Georgia Tech

SoftBank set for $34bn gains by reducing Alibaba stake

SoftBank said 10 August that it planned to reduce its stake in Chinese e-commerce company Alibaba as part of a settlement of financial contracts that … [Read More...] about SoftBank set for $34bn gains by reducing Alibaba stake

Privacy Policy | Terms and Conditions | About/ Contact
Copyright © 2022 · PRESSLED · As Amazon Associates we earn commissions from qualifying purchases · Log in

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT