September 10 Report Marks Another Historic Low for Mortgage Rates
Posted: September 11, 2020 by Coldwell Banker Island Properties
30-Year Fixed Mortgage Rates
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Future homeowners, move-up buyers, and anyone planning a home purchase as part of a relocation will welcome Thursday's news that mortgage interest rates have reached another historic low.30-Year Rates:
The 30-year fixed-rate mortgage averaged 2.86 percent with an average 0.8 point for the week ending September 10, 202015-Year Rates:
The 15-year fixed-rate mortgage averaged 2.37 percent with an average 0.7 point5-Year Rates:
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.11 percent with an average 0.2 point Source: Freddie Mac
Lower interest rates are especially welcome in this Q3 2020 market where limited inventory is pushing home sale prices to record highs in many areas. Securing a lower rate translates to more buying power, potentially allowing you to finance a more expensive home or take advantage of lower monthly payments.
A recent report
from a mortgage analytics firm notes that up to 3 out of 4 homeowners could benefit from refinancing. Lowering your monthly payment or tapping into existing equity at a low rate can be a smart fiscal move, as long as the costs of doing so don’t outweigh the benefits. By refinancing now, you could save thousands of dollars a year—and even more when you consider the lifetime of your loan. If you need a referral to a reputable local lender who can help you navigate the loan qualification process or decide if this is a good time for you to consider a refinance, please get in touch.
Should you have any questions or know of anyone who might benefit from additional insight into how lower rates can benefit them, feel free to reach out at any time. We’re keeping a close eye on the movement of interest rates and are happy to share resources to help you decide if this is the time for a home purchase, sale, or refinance.