Mortgage rates had been slowly declining since early 2019, when they just recently dropped quickly and rather significantly. According to market data from Freddie Mac, the rate on a 30-year fixed rate mortgage dropped from 4.28% on March 21, 2019 to 4.06% on March 28, 2019. The decline is fantastic news for prospective purchasers and great news for many existing homeowners too.
Mortgage interest rates saw a significant increase in 2018 which, combined with a low inventory of homes, resulted in slightly slower home sales for the year. But there are, again, a lot of mortgage products available with rates under 4% which could mean potential savings for you.
If you’re a prospective home buyer, it’s a great time to consider pulling the trigger on that new home purchase. With the upcoming Spring Market season, you may be able to take advantage of higher Spring Market inventory and a mortgage interest rate lower than has been available in the past year!
If you’re a homeowner, it’s a great time to consider if refinancing might be right for you. It’s possible that you could refinance now at the lower interest rate, pay all the refinancing fees, and still save money on your future mortgage payments- sometimes- hundreds of dollars each month!
If you’re interested in saving money on a new or existing mortgage, contact a local mortgage lender today.