Mortgage Interest Rates Reach All Time Lows
If you are looking to purchase or refinance a home, now may be the best time ever to do so. Mortgage interest rates have reached an all time low by falling below 4% for the first time ever! In January of last year, if a borrower took out $250k on a home loan, the average interest rate was just over 5%.
Even with the record low rates, the housing market is sluggish because borrowers are skeptical of job security and have other existing debt. However, the federal government may be stepping in and reducing rates even lower for several reasons that may or may not be politically charges.
Those who choose or thinking of refinancing should run the numbers to make sure it makes sense to refinance. By refinancing, you should get a lower rate than you currently are at. You will want to see the closing costs involved to do a refinance and make sure you are still coming out on top. Furthermore, it can be difficult to find a lender willing to refinance if there is no equity in the home.
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