The dip in rates is due to a sluggish economy. Rates peaked in April and have declined and remained under 3% for the past month. Mortgage rates are currently lower than most credit card, personal loan or student loan rates. These low rates offer homeowners an opportunity to lower their monthly payment by refinancing. Cash out refinances have increased in the last week due to the opportunity to borrow at unprecedented low rates.
If you haven’t locked a low rate for your home refinance or purchase, it only takes 90 seconds to request your rate: http://getmyrate.snapfi.com/