Refinancing Chance May Have Passed
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, 30 yr fixed rates, interest rates, refinancing March 1st, 2008Want to refinance your mortgage?
You may have missed your opportunity.
Even if your credit is strong enough to refinance, mortgage rates spiked this week, according to a survey by Freddie Mac.
The average rate on a 30-year, fixed-rate mortgage surged 20 basis points to 6.24%, with an average 0.5 point during the week ended Thursday, according to the survey. (A basis point is 1/100th of a percentage point.) The rate now exceeds its levels from a year ago, when it averaged 6.18%.
It’s been a bumpy ride for mortgage rates this year. January saw the steepest four-week drop in rates since October 2003, according to Freddie’s Primary Mortgage Market survey data. Since then, they’ve climbed 80 basis points.
Tags: , 30 yr fixed rates, interest rates, refinancing
