Arguably the most important factor in purchasing a home outside of the list price is the mortgage rate which your selected lender will approve you for. Many factors come into to play when looking at your final mortgage rate such as down payment, credit score, and lending rates in the market. However, as of March 2020 mortgage rates have taken a serious dip which means potential savings for those who are seeking to make a home purchase.
CNN Business news had the following quote: The average 30-year fixed-rate mortgage fell to a record 3.29% this past week, according to Freddie Mac, the lowest level in nearly 50 years of its survey. The 15-year fixed-rate mortgage dropped to 2.79%.
The Federal Reserve announced an emergency rate cut, which slashed the benchmark interest rate range down to 1% to 1.25%. That cut, along with a rock-bottom 10-year Treasury yield and continued coronavirus fears, means mortgage rates could be poised to head even lower.
“It’s definitely a good time for someone looking to buy a home to get financing,” said Mark Hamrick, Senior economic analyst for Bankrate. “Home prices have risen, and it is rough for those looking for a bargain, but the financing has gotten better.”
If you are considering a home purchase, let us know. The first step is to get a free pre-qualification with a lender who will let you know what loan amount you can qualify for and at what rate. Taking the first step is simple and easy.
Call/text (808) 721-3747 or email us firstname.lastname@example.org today to get things started.