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Don’t Follow the Herd: Refinance Now (2.99% / 2.23% / 2.52%)

Average Rates in the Freddie Mac PMMS Below 3% Across the Board


herd mentality: not always the best for your finances

We humans have our weaknesses. It’s funny how seriously we take trends. After all, we know from many inspiring stories that it is the people who buck trends, the trendsetters, who often wildly succeed.


The fact is, despite “the herd” moving away from refinancing over the last month, this is still a HISTORICALLY AWESOME REFINANCE MARKET.


Keep in mind, after all: A herd doesn’t just move. Sometimes it does nothing. The cattle just stand there, chewing their cuds.


A herd doesn’t just move. Sometimes it does nothing. The cattle just stand there, chewing their cuds.

Don’t be a cud-chewer. Hoof it on over to these quite literally amazing, lowest-of-all-time rates. To be clear, “lowest-of-all-time” references this general period, and that’s kind of the point of this piece: the pandemic has brought with it the lowest mortgage rates in more than 50 years of tracking (see the next section).


Even if you have refinanced previously, this year’s rates are so compelling that you should certainly have a specialist review your current mortgage and evaluate your financial picture for potential savings – acting only 100% in your best interests.


[T]he difference between cars and mortgages is you can see the federal data right there. There’s ultimately nothing vague about what is a TRULY HISTORICALLY LOW RATE.

How Great Are the Rates?


Understandably, when a mortgage professional tells you it’s a good idea to apply for a mortgage refi right now, you might feel skeptical. While those of us in the mortgage industry are experts on the numbers, “Refinance Now!” may still sound like someone trying to get you to buy a used car: “These Deals are Amazing! How Low Can We Go?” Well, the difference between cars and mortgages is you can see the federal data right there. There’s ultimately nothing vague about what is a TRULY HISTORICALLY LOW RATE.


Here are the facts: 2021 reached all-time lows in each major category tracked by Freddie Mac in the Primary Mortgage Market Survey (PMMS).


  • The lowest-ever average rate for the 30-year fixed-rate mortgage (FRM), 2.65 percent, was hit on January 7, 2021. That category’s rate average is now 2.99% –still awesome.

  • The record low average rate for the 15-year FRM, 2.10 percent, was reached on July 29, 2021, and sustained on August 5, 2021. The current rate for the 15-year FRM is 2.23 percent – still incredible.

  • Finally, the third category tracked in the PMMS, the 5/1-year adjustable-rate mortgage (ARM), achieved its all-time low of 2.40 percent also on August 5, 2021. That category currently averages 2.52 percent – still amazing.


Getting your best rate


Are you considering a 2021 refinance and wondering if it will be worth your while? At Best Advantage Mortgage, we take the time to get to know you and save you money where it matters most. See the BAM Process.


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