Mon Sep 16th 2019
Mortgage rates have dropped since late 2018, more than 1% to be exact, but it appears there’s even more relief on the horizon. It’s not clear how long the rates will stay this low, but Federal cuts could make September the month to keep an eye on.
Homeowners now have the opportunity to save big money by refinancing. New buyers looking to purchase can look forward to low mortgage rates as well.
According to Freddie Mac, the average rate on a 30-year fixed-rate loan has dropped to just 3.82%—down from 4.54% last June and its lowest point in nearly two years.
In other words, a $300,000 mortgage in late-2018 would cost you approximately $240 more per month than it would with today’s interest rate.
Now may be the time to consider a real estate investment. There’s no way of knowing when these rates could change. If you have questions, just give us a call. We are happy to help walk you through understanding how dropping mortgage rates can impact your home purchase or refinance.
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