Did you know that mortgage rates have been low for the past six months? You may recall last month’s post when I shared data that those low rates held steady through July. Now, I have really fantastic news for August—and that is that rates have dropped even further, making this the perfect time to get a refinance.
The World Property Journal has reported that, “According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage rate in the U.S. averaged 3.60 percent in the first week of August 2019, the lowest it has been since November 2016.”
Sam Khater, the chief economist at Freddie Mac, explained that home sales are strong as well, and that while this is due in part to the low rates, it also is the result of low unemployment.
If you refinance today, you can lock in these low rates over the remaining years on your mortgage if you go with a fixed rate loan.
Not only that, but if your own employment situation has improved, that could help you qualify for a more competitive mortgage today than you did when you took out your current home loan. Steady employment improves your overall risk profile, and if your income has gone up, you may have a lower debt-to-income (DTI) ratio. That is one of the most important factors which goes into determining what you qualify for.
Ready to Refinance? Give Me a Call
If you want to take advantage of today’s low mortgage rates—or if you just have a question about refinancing—I am here, and I’d love to help you out. Please call (619) 857-7191 to schedule your consultation. Let’s refinance your mortgage and start saving you money.