30-Year Fixed Rate Mortgage Rate Nears Two-Year Low - June 6, 2019

While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, research indicates that there can be a wide dispersion among mortgage rate offers.  By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500.  These low rates are also good news for current homeowners.  With rates dipping below four percent, there are over $2 trillion of outstanding conforming conventional mortgages eligible to be refinanced - meaning the majority of what was originated in 2018 is now eligible.