New home listings are on the rise, and consequently, along with the drop in mortgage rates, buyers have been given a bit of much needed respite in the current housing market. The meager supply from the beginning of the year has eased, with more people selling their homes and slowing the rising cost of individual properties. As a result, while it may not be the ideal sellers market to sell your house, it has become the ideal time to purchase one. The current mortgage rates for the 30-year and 15-year mortgages are both well below 3% at 2.875% and 2.000% respectively, marking a historic landmark for buyers who can finance to take advantage of the incredibly low 2% rate. The rates for refinancing hold steady at slightly below the aforementioned levels.
Since refinance rates are at historic lows, do consider either refinancing or selling your property as the demand for new housing definitely justifies doing so. In regards to refinances, due to their low rates, you can save even larger amounts of money in your monthly payments, with predictions ranging from $100 to $250 in savings per month. If you aren’t sure whether you qualify for a refinance, there are quite a few programs available to help and the lenders are more willing to be flexible than they were just a couple of years ago. Talk to a reliable to get started on the process. Contact me today at 925-216-3618.
