Taking Advantage of Low Mortgage Interest Rates
Mortgage rates for loans are the lowest they’ve been in years. If you’re thinking about buying a home or refinancing to lock in these unprecedented low rates, this is a good time to do it. 30-year fixed pricing is hovering around or below 4.5 percent.
Why You Should Buy
- You’ll get a locked in low mortgage rate that will remain unchanged for 30 years.
- Your monthly payment may be more affordable.
- Home prices are lower.
- Save money by locking in a low rate.
Keep in mind, there is a good possibility that the recession will continue. This means that the home you buy may not appreciate in value quickly, and may even lose value initially, however, the locked in low interest rate will help ensure the possible benefits of long term investment in a home of your own.
What To Expect
- 30-year fixed rates will probably increase over time. Lock in your rate.
- Don’t plan on buying a home with the intention of having it start to appreciate immediately.
- A 30-year fixed rate will be locked in at that rate.
Refinance Now!
If you haven’t already, refinancing your loan to match the lower rates can save you a ton of money over time. If the thought has crossed your mind to get your loan refinanced, talk to your loan officer. No matter how long you’ve held your mortgage, there’s a chance that a refinance can:
- Reduce out of pocket costs.
- Lower your existing mortgage rate.
- Reduce your total mortgage payment substantially.
Mortgage markets change and vary rapidly and without notice. By locking in a low rate now either through the purchase of a new home or via refinance, you may ensure a lower monthly payment with a fixed low interest mortgage rate.
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