The benchmark 30-year fixed-rate mortgage fell this week to 3.99 percent from 4.04 percent, according to Bankrate’s weekly survey of large lenders. The downward trend continues as rates slid from 4.70 percent a year ago and 4.27 percent from four weeks ago.
As 30-year fixed-rate mortgages dropped to their lowest since September 13, 2017, nearly 6 million mortgage borrowers can benefit from refinancing into a lower rate — including some 950,000 people who got their mortgage last year, according to analytics firm Black Knight. The average monthly savings is about $271 per person, totaling approximately $1.6 billion per month. This is also good news for current homebuyers who want to save money on mortgage costs and lock in rates during the peak homebuying season.