If you’ve been waiting to move ahead with a refinance, you are in luck: low mortgage rates are back. Many homeowners recently decided to enter the refinance market as the average rate on a 30-year mortgage dropped last week to 2.78%. This is not too far from the record low of 2.65%, according to the long-running survey from mortgage giant Freddie Mac. As a result, refinance activity rose 9%, compared to a week earlier, while applications to purchase fell by 2%.
What does this mean for you?
This means you could be leaving a lot of money on the table, because alongside with dropping mortgage rates, many lenders have also stopped charging the 0.5% refinance fee. This is making the decision even easier for many homeowners.
If you own a home and haven’t refinanced yet, you’re probably paying too much. Don’t delay! Feel free to reach out to Scott Bennett at 503-703-4699 or scott@altmo.com to talk about your current situation. I’m just a phone call or email away, and I’d love to discuss your situation and needs.
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