Mortgage rates remained at their near-standstill this week after a so-so employment report.
It’s good news for homebuyers because interest rates on home loans continue to hover just above the modern-day record low. The lower the rate, the more homebuyers can afford to borrow.
It’s also good for the shrinking number of homeowners who would save by refinancing their mortgages but haven’t done so yet. Last week, 64% of mortgage applications were from homeowners who wanted to refinance, according to the Mortgage Bankers Association.
“However it would take another significant move down in mortgage rates to see a large increase in refinance activity,” Bill McBride wrote in his economics blog, Calculated Risk.