Seriously, stop what you are doing.
BECAUSE, low mortgage rates = amazing opportunities for buyers, sellers, or homeowners looking to refinance!
While rates on mortgages change daily, they are currently holding steady at near record lows. In fact, according to the Bankrate.com rates have not been this low since December 2012! The graphic below demonstrates the drop in rates from just last week.
Both 15-year and 30-year mortgage rates are down more than 0.5% since the start of the year.
What does this mean for buyers?
This drop in rates means that those looking to buy have experienced a purchase power increase of 7%…meaning that buyers who could afford an $800,000 home in December can now afford an $852,000 home! For many on the house-hunt, this increase in purchase power could put their dream home just in reach!
What does this mean for sellers?
Lower mortgage rates translate to a surplus of buyers looking to take advantage of their higher purchasing power; which means you, as a seller, have the ability to get top dollar for your home! More active buyers are out looking increases the desirability of your home.. making it a hot commodity.
What does this mean for refinancers?
Refinancing gives a homeowner access to a new mortgage loan which replaces the existing one. The details of the new loan’s mortgage rate, loan length in years, and amount borrowed can customized by the homeowner. Thus, refinancing during a period of lower mortgage rates could benefit borrowers by lowering their monthly housing payments and/or shortening the term of their mortgage.
For a personalized rate, check out this helpful site: http://themortgagereports.com/ratequote/
Remember: Mortgage rates change quickly and there is no guarantee that these rates will last. Whether you are a seller or a buyer, it is time to take advantage of the current market!