Mortgage Rates Plummet by 28 Basis Points in February
Mortgage rates have fallen since February 1, offering homeowners a chance to refinance or buy a new home. According to Zillow data, the current 30-year fixed interest rate is 6.27%, down 28 basis points from its level at the beginning of February. The 15-year fixed rate has also decreased, sitting at 5.57%, which is 31 basis points lower than this time last month.
- This downward trend could signal a shift in the housing market, with decreasing rates potentially leading to increased buyer activity and sales volume.
- Will the recent decrease in mortgage rates continue, or will it be followed by an increase as interest rates are influenced by inflation and economic indicators?