As homeowners rush to lock in record-low mortgage rates by refinancing, a strange thing is happening: They’re getting higher rates.
While the rate on 30-year fixed mortgages hit a 50-year low of 3.29% in the first week in March and ticked up last week to 3.36%, according to Freddie Mac, lenders aren’t offering those bargains.
The average rate for a 30-year-fixed mortgage is 3.65% for refinancing among lenders at LendingTree, while the average at NerdWallet, which surveys national lenders, was higher at 3.767%.
Dhara Singh | Yahoo Money