The last time to get a low-rate mortgage—again

low morgGWBy 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.


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