Mortgage rates dropped to a 3-year low. (What’s not to like?)
Big news for homebuyers – and homeowners with a mortgage. Average mortgage rates have been dropping for months. This past March, we saw the largest single-week decline in 10 years. And rates recently hit a three-year low. That means you may be able to keep more of your money in your own 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. (That’s 6.3 million more people than a few months ago!)
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
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 drastically lower interest rate could mean lower monthly payments.
The median U.S. home listing price is up $18,000 from a year ago, but new mortgage payments are down an average of $45 per month
That means more homes are affordable for first time buyers
Late summer and early fall is a great time for first-time homebuyers to shop. Buyers get the very best price in October. The average sales price among those closings is 2.6 percent below the average full market value of the home.
Three words: “back to school.” There are fewer buyers competing because of increased demands on their time
Less competition means that 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 as long as you’re calculating your current home value, 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.
At Mylo, we can work directly with any 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.
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