Interest rates are unbelievably low! We have been getting local quotes at 4.5% for a 30-year mortgage and 3.875% for a 15-year mortgage. To get an idea of just how low the rates are in historical terms, check out this rate tracker website. If you scroll down and review the graphs, you can see that for the past 30-years it is very rare for rates to drop this low.
For people considering a move in the next 12 months, I feel like screaming “Buy now so that you can lock in these great interest rates.” I am surprised that the low rates haven’t gotten more publicity. Many of my clients are often surprised to find out that interest rates are at historical lows.
If you don’t plan to move in the next few years and you have an existing mortgage on your home, it makes sense to evaluate refinancing your home. For a very detailed review of when it makes sense to refinance, we recommend The Mortgage Professor.
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Interest Rates
Interest rates are unbelievably low! We have been getting local quotes at 4.5% for a 30-year mortgage and 3.875% for a 15-year mortgage. To get an idea of just how low the rates are in historical terms, check out this rate tracker website. If you scroll down and review the graphs, you can see that for the past 30-years it is very rare for rates to drop this low.
For people considering a move in the next 12 months, I feel like screaming “Buy now so that you can lock in these great interest rates.” I am surprised that the low rates haven’t gotten more publicity. Many of my clients are often surprised to find out that interest rates are at historical lows.
If you don’t plan to move in the next few years and you have an existing mortgage on your home, it makes sense to evaluate refinancing your home. For a very detailed review of when it makes sense to refinance, we recommend The Mortgage Professor.