It’s still a great time to refinance your mortgage even though interest rates are inching up. Rates are extremely low and it’s possible that you can get a good deal. The Mortgage Banker’s Association‘s weekly survey found the refinancing index increased 4 percent from the previous week.
The interest rate for a 30-year-fixed-rate mortgage increased for the last seven out of eight weeks.
The average interest rate for 30-year fixed-rate mortgages of $417,500 or less increased to 3.73 percent from 3.67 percent.
The average interest rate for 30-year fixed-rate mortgages for a jumbo loan, $417,500 plus, increased to 3.96 percent from 3.95 percent.
Our video “How Do I Refinance My Mortgage,” walks you through the whole process.