Due to health news scares and stock market drops, the mortgage interest rates are dropping to the lowest its been in the past 3 years and possibly dropping more. The rates are near all-time lows!
Based on Mortgage News Daily the 30 year Fixed Rate Mortgage for 3/2/2020 is 3.13%.
What does this mean for you?
Lower Interest Rates = Lower Monthly Payments
If you’ve been on the fence about buying or know someone who has been looking to buy, now might be a great opportunity to purchase and take advantage of your current purchasing power.
If you’ve bought a home in the last two years or have not refinanced before now might be the perfect time to refinance, use equity to pay off debts, and lower your monthly payments.
Loan Scenario
What can a lower interest rate do?
With a lower interest rate at 3.5% compared to 4.625%, you could save nearly $200 per month on a $300,000 mortgage loan!
Data pulled from Mortgage News Daily.
Disclaimer: All loans are subject to credit approval. Interest rates are subject to change daily and without notice. Current interest rates shown our indicative of market conditions and individual qualifications and will vary upon your lock-in period, loan type, credit score, purpose and loan to value.
