With volatility levels in the stock market not seen since the financial crisis of 2008, mortgage rates fell to their lowest levels in HISTORY this past week. A 30-year fixed-rate loan is now 3.29%, down from 3.45% last week, and down from 4.41% during March of 2019. A 15-year fixed-rate loan is now 2.79%, down from 2.95% last week, and down from 3.83% a year ago.
The decline in rates has sparked a re-financing boom, with homeowners seeking to save thousands in interest by securing lower rates. Potential home-buyers are benefiting as well; inquiries for new home loans increased significantly this week.
If you’re considering buying or refinancing a home then now (like RIGHT now) is a great time to do so with interest rates at an all time low. Contact us today; we can help!