As of May 28, 2020, the average 30-year term fixed rate mortgage rate reaches the lowest point in the past 30 years in US, according to most recent Federal Reserve (30年固定期平均按揭利率: 商业银行对私贷款款率), according to most recent Federal Reserve macroeconomic data (Source: https://fred.stlouisfed.org/series/MORTGAGE30US). The following graphs shows the trend of 30-Year term fixed rate mortgage rate since 1990, in comparison to Federal Funds Rate (联邦基金利率：美联储对商业银行拆借利率). The first chart shows the whole history from 1990 and the second chart zooms in on the trend in recent 2 years.
Given that the Federal Funds Rate (联邦基金利率：美联储对商业银行拆借利率) is already 0 starting from Apr 2020, it is expected that there is no much room for further drop in mortgage interest rate. This may be the best time for refinancing a mortgage.
Please note this is average 30-Year term fixed rate mortgage rate. The interest rate you will get can be lower or higher depending on type of loan, borrower’s credit score, loan term, occupancy status etc. Please contact Flagship Lending for more details if you have a mortgage for refinance.
