February 2020 Market Update: mortgage rates near a five-decade low
Mortgage Rates Drop to Lowest Level in 5 decades!
Mortgage rates are hovering near a five-decade low. Unprecedented, really. Only 2 other times in the history of the US economy we had experienced such low rates. The market seems to be giving every one multiple chances to lock a low mortgage rate.
Interest rates are constantly changing and it’s imperative to look at the economy and housing market context. SnapFi reports the rates on the first week of the month from Freddie Mac. The important thing to keep in mind is that even if the rate climbs slightly month to month we need to look at the big picture.
We know this won’t last much longer…
According to Freddie Mac as of February 13, 2020:
“With mortgage rates hovering near a five-decade low, refinance application activity is once again surging, rising to the highest level in seven years. This surge coupled with strong purchase activity means that total mortgage demand remains robust, reflective of a solid economic backdrop and a very low mortgage rate environment.”
There are many reasons to refi or lock a purchase rate.
- Purchase a home at the lowest interest rate in 3+ years
- Lower your payment and keep more money in your pocket
- Pay off your mortgage earlier
- Consolidate your debt
- Make a remodel your reality
- Pay college tuition
Takes 5 mins, no need to run credit
snapfi, inc. is licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act NMLS #216565. This is not an offer of credit or commitment to lend. Loans are subject to buyer/property qualification. Rates/fees are subject to change without notice. Total Cash Required may include prepaids/impounds, not cash reserves which may be required for some conventional loans. Total Payment may include taxes, insurance & mortgage insurance.
Source: http://www.freddiemac.com/pmms