Time to Buy and Refinance is Now!

Are you wondering what the rates on mortgages are hovering around these days? Data released on Thursday by Freddie Mac indicates that the 30-year fixed-rate average ticked down to 3.79 percent with an average 0.6 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.82 percent a week ago and 3.92 percent a year ago. The 30-year fixed-rate average has remained below 4 percent for three months.

The 15-year fixed-rate average dropped to 2.98 percent with an average 0.5 point, falling below 3 percent for the second time in three weeks. It was 3.03 percent a week ago and 3.08 percent a year ago.

Hybrid adjustable rate mortgages moved higher. The five-year ARM average edged up to 2.89 percent with an average 0.4 point. It was 2.88 percent a week ago and 2.91 percent a year ago.

The one-year ARM average jumped to 2.62 percent with an average 0.2 point. It was 2.54 percent a week ago.

Now, really is the time to buy and refinance!