Interest Rates At Rock Bottom!
Today Freddie Mac published their weekly rates survey and rates are the lowest they have ever been. It can be very confusing b/c every Thursday Freddie Mac releases their weekly interest rate survey for the average rates for the full week paying points so it’s not what the rates were at any given time. You can view it by going to www.FreddieMac.com and clicking on the Weekly Survey link in the bottom left hand corner. Also, when they say interest rates got better or worse that doesn’t mean they did as they may only move 1 basis point which wouldn’t change an interest rate anyway b/c you need it to move 12.5 basis points.
Make sure when you are looking at whether to refinance or not that your mortgage professional shows you the comparison between the 2 loans in addition to how to use the extra cash flow or how much sooner you will pay this new mortgage off if you make the same payment you are now on the new mortgage.
It couldn’t be a better time to purchase IF you are secure with your job, plan on holding onto the home for close to 10 years, have enough reserves leftover after closing, and you buy in the right area.