One of the big stories in real estate in 2018 was rising interest rates, and that headline remains relevant in 2019. In mid-January 2018, the average rate for a 30-year fixed rate mortgage was 4.04%, according to the Federal Reserve Bank of St. Louis. At the start of 2019, it was 4.51%. Freddie Mac, the government-sponsored enterprise (GSE) that guarantees conventional mortgages, expects rates on 30-year fixed mortgages to average 5.1% this year and 5.6% by 2020.
If you’ve been wondering whether you’re eligible for better rates on your mortgage, now may be the time to consider your refinancing options.