The real estate market may be slowing down a bit, but it’s still sizzling, and receding mortgage rates may be enticing new buyers to enter the market again, or existing homeowners to stay put and refinance. Here’s what you need to know in mortgages and real estate this week.
1. Mortgage rates take another dip
Rates on a 30-year fixed mortgage slid this week, averaging just above 3 percent amid economic uncertainty. That’s good news for borrowers, who stand to benefit from a reprieve. Most experts still expect rates to climb again before the end of the year.
2. Lenders respond to the end of the refinance fee
When the Federal Housing Finance Agency announced that its 0.5 percent premium on most mortgage refinances will end Aug. 1, many banks and other financial institutions were more than happy to pass the savings on to their customers…