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Dip in mortgage rates gives hope to first-time homebuyers

Mortgage rates continued their month-long slide, according to data released late last week, giving new -- but temporary -- hope to millennial buyers struggling to piece together a down payment amid soaring home prices and lackluster wage growth.

According to the Freddie Mac survey of lenders, the 30-year fixed-rate average decreased to 4.52 percent with an average 0.5 point. Points are fees paid to a lender equal to 1 percent of the loan amount. The 30-year rate was 4.55 percent two weeks ago and 3.96 percent a year ago.

The 15-year fixed-rate average dropped to 3.99 percent with an average 0.4 point. The 15-year rate was 4.04 percent two weeks ago and 3.22 percent a year ago. The five-year adjustable rate average reached 3.74 percent with an average 0.3 point, down from 3.87 percent two weeks ago. The rate was 3.21 percent a year ago.

"The run-up in mortgage rates earlier this year represented not just a rise in risk-free borrowing costs, but for investors, the mortgage spread also rose back to more normal levels by about 20 basis points. What that means for buyers is good news. Mortgage rates may have a little more room to decline over the very short term," Sam Khater, Freddie Mac's chief economist, said in a statement.

30-year mortgage rate drops again

"The decrease in borrowing costs are a nice slice of relief for prospective buyers looking to get into the market this summer," Sam Khater, Freddie Mac's chief economist, said in a statement. "Some are undoubtedly feeling the affordability hit from swift price appreciation and mortgage rates that are still 67 basis points higher than this week a year ago."

Home buyers should "lock in at the lower rate," said Lawrence Yun, chief economist at the National Association of Realtors, noting that the Federal Reserve is expected to raise interest rates twice this year and another two times next year. "I think if the buyer is hesitant seeking lower rates they will be disappointed. The general direction will be higher and higher interest rates."

Meanwhile, mortgage applications decreased from a week earlier, according to the Mortgage Bankers Association (MBA). The market composite index - a measure of total loan application volume - declined 4.9 percent. The refinance index dropped 4 percent, while the purchase index fell 6 percent.

Can I add equal share partner of 4 years to my mortgage retroactively?

We have been paying equal share of the mortgage since early 2008. We just have been lazy and forgetful about adding him on. Is there a way to add him so that he can be on there from day one?

Unless the lenders do things VERY differently in Canada, no you cannot add someone onto a mortgage retroactively. What would be the point?

You can certainly refinance in both your names now.