Mortgage rates are now at one of the lowest levels in history which means there has never been a better time to purchase or refinance a home. Interest rates have fallen drastically, primarily due to the Corona Virus Outbreak that is currently gaining much attention. Homeowners looking to refinance to a lower interest rate or purchase a home now have access to hundreds of dollars in monthly savings if they take advantage of this monumental decline in interest rates. Depending on a certain qualification factors, individuals now have access to interest rates in the low 3%, and even high 2% range. With the shortage of information about the Corona Virus, and the Federal Reserve taking action within the economy and cutting rates, we hope that interest rates will stay low, however anything is possible and it is not guaranteed that interest rates will stay where they are or continue to decline. If you are even thinking about a refinance or purchase, it is not worth sitting on the sidelines in such a prime home financing environment. Reach out to your local lender and real estate agent now to explore your options.
Update provided by Alexander Realego, Legacy Home Loans