Mortgage Rates Are at a 6-Month Low – What Does That Mean for You?
2015 started out so well — from a mortgage perspective anyway. Rates dropped to the lowest we’d seen in a couple of years and many of our clients were able to afford their dream homes or lower their monthly payments. Then changes in the global economy, combined with pervasive rumors that the Fed was going to raise rates, prompted an upward swing in mortgage rates.
But now we’re seeing average rates coming down to what is expected to be at or near the lowest they’re likely to get for some time. While it’s certainly possible, even likely, that the drop in rates we’re seeing right now won’t last, there is a window of opportunity for anyone who has been considering a refinance, equity loan, or new home mortgage.
Of course, rate isn’t everything, your licensed loan officer will be able to help you select option that is best for you from a big picture perspective. But rate is definitely the most important factor as far as the right time to finance a home. And now is looking like that time.
In general, if your 30 year fixed rate is more than 4 % it’s likely that you can improve your financial position, lower your monthly bills, or afford the monthly payment on your dream home more easily than you might have imagined. Just give your local office a call — we’ll be happy to help you compare mortgages and determine if now is the right time for you to refinance or buy.
You can also start the conversation by filling out an easy online form. One of our licensed loan officers will promptly respond to your inquiry.