This month, mortgage rates have dipped under 3%—a first in 50 years. The summer market is heating up as these record low rates continue to spur homebuyer demand.
According to Mortgage News Daily, mortgage rates have fallen more aggressively than ever, with the average for a 30-year fixed-rate mortgage dropping to a stunning 2.81%. Just one year ago, MND reported rates almost 1 full percentage point higher, sitting at an average of 3.70%.
Many homebuyers and homeowners are jumping on the present opportunities, as low rates have taken some of the sting out of rising home prices, namely in our Bay Area market with high demand and lower inventory. For homeowners, these rates present a great opportunity to pocket huge savings on their current mortgage.
If taking advantage of the low rates sounds like something you’d like to explore, contact us at 650.852.1400 and we will put you in touch with our trusted lenders. Keep in mind there can be vast differences between the rates offered from lender to lender, so if you are looking to buy or refinance, shopping lenders is key!
To learn more about refinancing, join our upcoming Webinar on Refinance and Taxes on Wednesday, Aug. 12 from 4:30-6pm. We’ve partnered with US Bank and Unisource Financial Group to bring value to all homeowners and real estate investors to help put more cash in your pockets.
Contact us today to review your real estate goals, whether it’s to take advantage of these once in a lifetime rates and become a homeowner or get a home valuation to sell in the hot market!