Home loans are cheaper than ever, thanks in part to a tumultuous economy plagued by Covid-19. Mortgage rates are currently hovering around 3%, and government mortgage giant Freddie Mac recently reported its lowest-ever rates in the last month. The average 30-year fixed rate loan is 2.87% (which includes 0.8 points, which is a fee paid at settlement to decrease the mortgage rate) and 15-year is 2.37%.
Although we probably shouldn’t expect to see the trend of decreasing rates continue. As Freddie Mac reported on October 8th, 2020, “The year-long slide in mortgage rates seems to be ending as rates have flattened over the last month”.
For homebuyers currently in the market, it’ll likely be a good idea to lock in your rate as soon as possible (your lender can assist you with this). For homeowners, refinancing might not be a bad idea in order to decrease your monthly payment and better the terms of your loan. We’re happy to introduce you to a trusted, local, and friendly loan officer to learn more – just give us a call at (215) 699-5555.