FARGO — Mortgage rates have reached a new yearly low, approaching levels similar to last year.
At the end of last week, average mortgage rates stood just over 6.1% , nearly a full percent lower than at the start of 2025. Experts say the drop has created more opportunities for home buyers.
Homeowners who recently purchased a home and may be considering refinancing are advised to be mindful of their credit score and the amount of equity in their property.
“Once rates are at a full 1% lower than where you are currently, it’s a good time (to refinance). But you want to get ready, because with interest rates, what happens is it takes a while for them to trickle down, but they can tick up very, very quickly, so you want to be ready,” said Angie Searls, vice president at Valley Mortgage.
Isak Dinesen joined WDAY-TV as a reporter in September 2024. He previously worked as a multimedia journalist at WAOW-TV in Wausau, Wisconsin for three years. He graduated from NDSU in 2020, majoring in Journalism and minoring in Sports Communication at MSUM.
