Interest rates on 30-year mortgages can have a significant impact on the total cost of a home in the long-term. Understandably, the 30-year mortgage rate is closely watched by those interested in buying a home, and can sometimes be the deciding factor for potential homeowners who are on the fence about whether they can afford a particular mortgage or not.
According to a recent report in USA Today, average rates on fixed mortgages dropped to 4.2%, making this the third week in a row where average rates dropped. A decrease in demand for housing combined with the Federal Reserve gradually reducing their ongoing program to support the mortgage market are believed to have contributed to the declining mortgage rates.
For more information about refinancing in Illinois, or for any other Mortgage Services, please contact Insurance and Mortgage Services in Batavia.