Phenomenal rates are allowing more than 6.8 million homeowners to refinance and save! As of December 5, 2019 Freddie Mac indicates, average 30-year fixed mortgage rates are 3.68% with 0.5% fees/points. The unemployment rate remained near historical lows at 3.6%. With all the great economic news in the market, the US housing market forecast remains strong and is optimistically projected to maintain momentum over the next two years. That means if you got your mortgage anytime from January 2018 to May 2019 or December 2016 to April 2017, you could cut your mortgage rate by up to 1.3%.
Some volatility existed in the market as well. Mark Hamrick, Bankrate’s senior economic analyst, comments on the volatility, “Between the pace of the news cycle and economic developments, the market environment can change with release of a single presidential Tweet. In an uncertain environment, seize upon certainty where you can find it.” If you are looking to tap into your home equity, it’s best to refinance immediately as interest rates are likely to rise with the economy.
Though some folks worry that money may be lost during a refinance due to lender fees and closing costs, often, I can find a rate in which the lender will offer credit toward closing costs, which will cover all the transaction related fees. I recommend you discuss this with a mortgage professional like myself to find out the savings from dropping rates versus the costs associated with refinance. Give me a call (925) 216-3618 to find out how much I can save you today.
