Interest Rates Drop Below 3%
/
Historically low rates prompt surge in refinances.
Interest rates dropped to historic lows this week as the Federal Reserve vowed to keep the federal rate at 0 for the foreseeable future. Among fears of a second wave of Covid-19, the stock market dropped and increased bond purchasing which lead to lower interest rates.
If you’ve been on the fence about refinancing or purchasing a home, now is the time to lock in a very low rate. Contact a mortgage loan consultant and review your options. There may be adjustments to the interest rate for condominiums, 1-2 unit properties, non-owner occupied rentals, and self-employed borrowers seeking a NonQM loan for using business/personal bank statements.
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
Articles to read on finances and the economy:
Bank Rate-Click here
The Balance-Click here
The Conference Board-Click here
Kiplinger-Click here
We offer a free home value estimate and free mortgage review. Click here to contact us today!