By Joe Light | The Wall Street Journal
The average rate on a 30-year fixed mortgage fell to 3.59% last week, according to Freddie Mac. That’s a new low for 2016 and the lowest rate for mortgages since February last year.
Such a low rate will no doubt encourage more homeowners to refinance, giving a boon to mortgage lenders facing an uncertain housing market. But there are several reasons to doubt an upcoming refinance boomlet could turn into a full-fledged boom.
These rates are low, but they’ve been low for a while.