Aug
10

Home Loan Rates at Historic Lows

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In recent weeks, home loan rates have hit all-time lows. Yes, all time-lows! This is great news for anyone who has yet to refinance to take advantage of the lowest rates ever recorded, or to purchase that new home or investment property more affordable than ever before.

Both 30 Year and 15 Year Fixed Rates clipped down to their lowest levels. All this is incredible–especially considering that earlier this year, many experts anticipated rates would be well above 5% this summer and on their way to 6% by year end.

NBC recently reported that nearly 50% of all people with a 30 Year Fixed loan had rates higher than 5.75%. Do you know where your interest rate is at currently? It’s worth a look, and a call to me to help check it out!

And rates aren’t the only thing that has changed. In most parts of the country, home values are higher than last year, according to the National Association of Realtors and the S&P Case-Shiller Index. If you were unable to refinance last year, the combination of your current home value and historic interest rates may provide you a greater opportunity to save money than ever before.

Finally, even if your home has lost value from when your loan was originated, you may still be able to refinance. There are some special programs available that might allow you to refinance without private mortgage insurance, even if your loan will now exceed 80% of the present value.

Don’t miss this chance to save money. Even if you have already taken advantage of the historic rates that have been offered, don’t miss this chance to help your family and friends. Call me today and we can discuss what options exist for you.

Time waits for no one…and when rates rise, they will rise quickly.

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Categories : Interest Rates

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