Mortgage rates are at an 8-year low! If you purchased a home, refinanced in 2018 or early 2019, or are at or above a 3.99% interest rate, you could be saving hundreds of dollars per month on your mortgage payment! This is an extremely unique opportunity to lower your interest rate or even pay off those high rate credit cards. Reach out to us and we can send you loan scenarios with no commitment! Let’s take advantage and save you money!
I’m sure you’ve seen it before, but in case you haven’t: Mortgage rates have hit 8-year historic lows! You might be asking yourself, “But what does that have to do with the coronavirus?” The answer is: Everything!
When a crisis affects the US, it also directly affects the housing market. When financial fears are peaked and U.S. bond yields are tanking, it plunges mortgage rates. Overseas investors are also at a halt, which leaves buyers with a higher chance of winning out on bidding wars where all cash offers aren’t involved.
Rates for a 30-year fixed mortgage have fallen steadily since peaking at 4.94% in late 2018. On Monday, February 24th, the average rate for a 30-year fixed mortgage hit 3.34% (according to Mortgage Daily News) with lender credits to use towards closing costs!
“Aggressive lenders will be at 3.25% today, and 3.375% will be the new going rate for the average lender… Both mortgages and Treasuries are feeling the impact of coronavirus panic. That’s pushing rates lower,” said Matthew Graham, chief operating officer at Mortgage News Daily.