Let the rates drop! Well, they have. Mortgage interest rates are at a 15 month low! That is huge for buyers, who are ready and waiting to buy a home. In Phoenix, Arizona it’s particularly good news because the inventory of homes is on the rise. So not only do buyers have more options, they’re also getting a good rate!
The current rate for a 30-year fixed rate loan is at 4.5% with an APR of 4.511%. Some rates are as low as 4.375% depending on your financial information. The Mortgage Bankers Association expects the rate to tick up slightly this year to over 4.6%.
Blah, blah, blah… What does that mean?
If you’re shopping for a home: Lock in your rate! With rates this low, you’ll want to try and lock in your rate. That will mean that you’re going to have to get serious and find a home you want to make an offer on.
If you own a home: Check out your options for refinancing and see if it can save you money. The refinance process does cost money, so you’ll want to check that the savings is worth the cost.
If you’re almost ready to buy a home: Start getting your finances in order and talk to a mortgage broker. Then you will know what your rate would be and have a better idea on the cost to purchase a home. Your mortgage broker may also give you some homework to get you a better rate or loan.
So now that the rates have dropped, you may want to talk to a mortgage broker. I work with some of the best people in the industry, so give me a call! I can set up an introduction for you. Then they’ll work with you to accomplish your goals.
If one of those happens to be buying a home, let’s get house hunting! I would love to help you.
Talk to you soon,