If you’re thinking about buying or considering a refinance, here’s what you should do.
On Thursday, HousingWire reported that the average U.S. rate for a 30-year fixed mortgage fell to 3.07%, the lowest ever recorded by Freddie Mac dating back to 1971. The rate was down from 3.13% the previous week.
Freddie Mac also reported that the average 15-year fixed rate fell to a seven-year low of 2.56%. If a low rate is your top mortgage priority, there has never been a better time to buy or refinance than right now.
If you’re thinking about buying, inventory is low and competition is fierce in many markets. You should give serious thought to starting the pre-approval process now. That way, you can take advantage of record-low mortgage rates if and when they happen. You’ll also be ready to make a strong offer that stands out from others when you find your dream home.
If you’re considering a refinance, rates are still fluctuating daily and won’t necessarily remain at these record lows. Act now to make sure you get the biggest benefit from a new home loan.
While it seems like a no-brainer that historically low rates are ideal for everyone, no two home financing situations are the same. Contact your trusted CrossCountry Mortgage loan officer today to see if a rate lock is right for you. We’re here to help!