Mortgage rates down a bit – most action in refinancing
The Associated Press
WASHINGTON – Rates on 30-year mortgages dipped this week after rising a week earlier, and remain just above record lows.
Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages fell to 4.82 percent this week, down from an average of 4.87 percent last week. Rates have been below 5 percent for five consecutive weeks.
The all-time low of 4.78 percent was recorded in the week of April 2. Freddie Mac’s survey dates back to 1971.
Low rates have sparked a surge in refinancing, with nearly 80 percent of new home loan applications coming from borrowers seeking to refinance.
