Mortgage rates just dropped to a new record low

Big news for homebuyers – and homeowners with a mortgage. This past Thursday, July 30, 2020, the 30-year fixed rate average slipped below 3% for the second time on record. (The first time was just two weeks earlier.) Just about a year ago, mortgage rates had hit a 3-year low at 3.75%, and they've plummeted in recent months.

That means you may be able to keep more of your money in your pocket. Depending on your financial situation, now could be a great time to buy or refinance a home because you can lock in this low rate for the entire life of your loan.

Thinking of refinancing?

  • About 8.2 million borrowers in the U.S. can now lower their interest rates by refinancing
  • Refinancing a fairly new mortgage is usually not beneficial because of the fees. But right now, interest rates are so low that many people who took out loans just last year can benefit greatly

  • The average borrower can save about $266 per month just by refinancing

House hunting?

If you’re in the market for a new home, now may also be a great time to buy, despite the fact that average home prices have been steadily rising for a few years. The median U.S. home listing price is up $10,000 from a year ago. But mortgage payments go down as the interest rate goes down, meaning more homes are now affordable for buyers.

Late summer and early fall is a great time for homebuyers to shop. Buyers are most likely to get the best price in October. The average sales price of autumn closings is 2.6% below the average full market value of the home.

  • Many people like to move before school is in session. Once school resumes, fewer buyers are competing for homes because of increased demands on their time

  • Less competition means that real estate agents are more attentive to your needs

  • You can still take advantage of a tax deduction for the whole year by closing before year’s end

Don’t forget insurance

If you’re refinancing or buying, it’s also a great time to review your home insurance. You’re required to have coverage as long as you have a mortgage (and you’ll want to keep your home – the biggest investment you have - protected even after you pay it off).

So while you're at it, consider speaking with a licensed expert agent (full disclosure – we know a few!) to make sure you have the best value on the coverage you need to protect what matters.

Mylo can work directly with YOUR mortgage company. If you choose to replace your current homeowners policy with something better, we’ll be happy to communicate the change to your loan officer and make sure you’re up to date.

Mylo's friendly licensed agents are pros at finding the best coverage for you. Contact us for a custom consultation or look around our site to learn more about your insurance options first.

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