The rates are at the lowest point in 14 months!! It is an ideal time to refinance your mortgage or buy a home which maybe out of your price range a month ago. This awesome news for home buyers looking for lower mortgage payments for their first mortgage and for people looking to refinance their current mortgage, consolidate the revolving debt and/or student loans. As in accordance with the recent Federal Reserve meeting, the rates will be staying low for the rest of the year with no more spikes. A welcome sign indicating no large fluctuations, with small rises of .1% here and there, compared to the recent drop of almost 1% from November 2018. If you have an adjustable loan, this is a great time to give your mortgage advisor a call. You can either refinance into a new fixed rate loan and/or a new adjustable rate term to keep the low rate for a longer period of time.
The Feds did speak selling off their residual holdings which can put upward pressure on the mortgage market. Contact me to find out your options and the estimated value of your home. Let’s grab the low interest rates before these rates climbing again!