By Living Room Realty, March 4, 2020
On the eve of the spring buying season the Federal Reserve decided to cut the interest rate by a half point! This comes after already record low rates for home buyers and those looking to refinance.
While the stock market and other fears has created uncertainty with the overall economy the thought of getting a 3.5% or lower rate on a home loan is definitely spurring hesitant home buyers off the fence these days to take advantage of the lowest interest rates we have seen in quite some time.
Refinancing your current home loan is an option worth looking into for those who are still happy in their home and not planning on moving anytime soon. Most experts say that if you are able to refi into a .75% or lower than your existing rate and you are not planning on moving in the next 4-5 years it may be well worth looking in to.. OR you can run the numbers to see if it makes sense to refi from a 30-yr to a 15-yr mortgage. You may be able to pay close to the same amount each month while saving thousands in interest charges over the life of your loan…
It is always a good idea to shop around and not assume that big banks are the best way to go, also take a look at your local smaller community banks who often offer the best deals…
If you or someone you know would like to chat further about the current rates and the real estate market and what works for you please don’t hesitate to call or email me!
