Mortgage rates have been hovering in the 3 percent range for a 30 year fixed rate mortgage, with a slight rise into the low 4’s during the month of May and into June. There is ongoing talk that the Federal Reserve will raise the rates at some point this year though they won’t say when. For the time being the rates are remaining relatively stable. As of the writing of this post, the rate for a 30 year fixed rate mortgage was 4.14%.
Ways to take advantage of these still historically low rates is to refinance your home or purchase that house you’ve always wanted. Refinancing will allow you to decrease your monthly payments, sometimes to the tune of more than a hundred dollars. You can also buy that house that may be just out of reach once the mortgage rates are increased. Always check with your lender to see what rates they offer and for which loans you qualify. There can be variations between lenders, the type of loan and on which day you inquire. Please contact me if you need the name of a few good lenders in the area.
As real estate will likely be the biggest financial investment we make in life, it is wise to consider how to take advantage of the currently low rates. Refinancing or buying a home could be beneficial to you as a short or long term investment. While no one knows exactly when the Federal Reserve will raise the mortgage rates, it will likely happen this year.