Not much has changed with rates in the last couple of weeks. Rate levels have held steady and low for a while now. However, there are strong indicators that the Fed will suggest a rate hike next month. If you've been waiting to refinance, you might not want to wait any longer. It is possible this rate hike won't occur until December, and when it does happen, it will probably be a gradual and cautious rise, but acting sooner rather than later would definitely be in your best interest.
Here are this week's rates:
30-yr Fixed
Conventional: 3.875%* FHA/VA: 3.375%*
15-yr Fixed
Conventional: 3.125%* FHA/VA: 3.125%*
*These are the closest “par” rates for the different types of mortgages. They assume very good credit, sufficient equity, and the absence of other negative risk factors (e.g. property use, cash-out or not, loan amount, etc.). Different specific risk factors will affect interest rates.
