Interest rates on a 30-year fixed mortgage have been under 3% for a couple of months now, and the rate on a 15-year mortgage is available in the mid 2’s. If you have been considering refinancing your mortgage, now is a great time to do it.
Refinancing a 30-year mortgage from a rate in the 4% - 5% range to below 3% would save most homeowners hundreds of dollars each month. That extra cash adds up to tens of thousands of dollars over the life of the loan. Similarly, 15-Year mortgage rates are lower and available in the mid 2’s for most borrowers. If your goal is paying off your home as soon as possible, now is a great time to reduce the term of your mortgage. Your new monthly payment could even be lower than your existing one.
My team and I are dedicated to helping you through the mortgage process, and we are available to answer any questions every step of the way. Call or email me today with any questions you may have about refinancing.