Now is the perfect time to refinance an existing mortgage or buy a home
Posted On 2:04 pm
Due to the fallout from Corona Virus, Covid-19, the Federal Government recently cut mortgage interest rates by a half point.
The good news about this rate cut is that it means that now is the perfect time for anyone who has an existing mortgage to refinance and for those people who are thinking about buying a home, now is a perfect time to buy a house.
About Low Mortgage Interest Rates
A sharp drop in mortgage interest rates has sparked a sudden and unexpected refinance boom that has lenders large and small scrambling to handle the volume.
That stress on the lending market, as well as increased risk to mortgage investors from all those refinances, is actually keeping mortgage rates higher than they could be.
The average rate on the 30-year fixed loosely tracks the yield on the 10-year U.S. Treasury bond, but it is no longer keeping up. The 10-year plummeted to yet another record low overnight, but mortgage rates, while also at a record low, are slower to fall.
Source – CNBC
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