Mortgage applications are also on the rise, which makes it even more important to get pre-approved now.
On Thursday, HousingWire reported that the average U.S. rate for a 30-year fixed mortgage fell to 3.15%, the lowest ever recorded by Freddie Mac dating back to 1971. The rate fell from 3.24% last week, setting a new record low for the third time in three months.
Meanwhile, applications for mortgages to purchase homes gained for the sixth consecutive week to a level that was 6.7% higher than a year ago, when the U.S. was having a normal “spring homebuying season”.
This combination of factors means two things: people are clearly still buying houses, and the competition for those houses is becoming increasingly fierce. Making a game plan is the best way to put yourself in position for a successful homebuying experience.
We can help you execute that plan by having all of your application information in hand before you decide to buy or refinance. When mortgage rates change favorably — or in this case, reach new all-time lows — we can get you pre-approved for financing, monitor the markets and contact you right away so you can seize the moment and get the rate you want on the loan you want.
It bears repeating: If a low rate is your top mortgage priority, there has never been a better time to buy or refi than right now — especially as many Americans are re-evaluating their household finances and considering ways they can be smarter about how they spend and invest their money.
Still, everyone’s situation is different, so contact your trusted CrossCountry Mortgage loan officer today to see if a rate lock is right for you. We’re here to help!