Mortgage Rates Hit Historical Low May Mean Time to Refinance
Mortgage Rates Hit Historical Low May Mean Time to Refinance
Think your 5% home loan is too high? Time for a reality check. Historically, the this week’s 4.57% 30-year mortgage rate matches the lowest rate ever recorded, back in 1971. Long gone are the astronomical rates of the early 1990s (hallelujah!), and even the moderate rates that ruled the real estate boom.
All of this means that if you are in a position to buy a home, go for it. Consider buying a foreclosure or short sale to save even more money. But be careful – buying this type of home only makes sense if there’s some equity in the home. If the home is underwater, as many pre-foreclosures are, you are spending more on a home than it is worth.
But maybe you don’t need to buy a home because you like the one you’re in. Maybe you’re even struggling a little with the payments and need a break. Who couldn’t use a break? Refinancing can save you money in the short- and long-term, whether through traditional means or as part of a loan modification.
Adjustable-rate mortgages (ARM) are about to adjust upward. That means refinancing to a 30-year fixed at today’s rates will save you a lot of money on a monthly basis. And it doesn’t make sense to play the wait-and-see game. Take advantage of these historically low rates now and start saving money.
Even if your home is underwater and you can’t refinance, or you can’t qualify for a refinance at this point, talk to your lender. Often they can help you in ways you aren’t yet aware. Also, housing counselors are available and they’re always free – you shouldn’t have to pay someone to talk to you about your housing options.
Express Homebuyers gives you the choice to chat online with a live real estate agent to help go over your housing options. And they’re accredited by the Better Business Bureau, so you know you can trust them to help you sell your home fast and get into a new home.
Mortgage Rates ? Will they Go Up or Down
Category: Rates
