Currently, the rates for a 30-year mortgage are at yet another record low! Scoring in at 3.07%, according to Freddie Mac.
While Sam Khater, Freddie Mac’s chief economist projects that the rates for the 30-year mortgage could potentially dip below 3% this year, the economic data disagrees slightly. One economic factor that might disagree involves unemployment rates. Recently dropping from 13.3% to 11.1% is a good thing for sure, but a better performance of the job market usually correlates with an increase in the mortgage rates. As a result, as we recover from the pandemic, the rates for your 30-year mortgage will undoubtedly rise as well. In Khater’s estimates, we could drop below 3% before the positive change in the job market begins to reflect in the housing market.
While it’s tempting to decide to wait to scoop up the best rate, it’s often best and safest to refinance into a good rate quickly. Call me today to have a complete analysis for your home(s).
