Thinking of buying a home or refinancing but aren’t sure if now is the time? Recent data says the time to act is now. The Freddie Mac Primary Mortgage Market Survey reported plummeting mortgage rates for the fourth consecutive week yesterday. The rate decreased comes despite the recent troubles with the stock market and last month’s quarter point increase in rates as implemented by The Federal Reserve, which will consider another quarter point hike in March.
News of the Fed’s looming rate increase caused U.S. stock markets to continue to struggle, making Freddie Mac’s news a welcome surprise to lenders and consumers alike.
A decrease for four consecutive weeks
“The Federal Reserve is certainly not the be-all-end-all of mortgage rates as some might believe,” said NLC Loans CEO, Jeremy Sopko. “These low rates—which continue to get lower—really prove that. It’s a global market and it’s unbalanced. Rates may stay low for quite some time. Homeowners should think about re-positioning their assets to what best suits their current and future needs.”
Mortgage rates averaged 3.79% for 30-year terms this week—down from 3.81% this time last week. 15-year terms averaged just 3.07%– down from 3.10% last week.
“Homeowners can look at this news as an indicator that now is the perfect time to refinance,” said Sopko. “And those looking to buy a home should know that these low rates make now the perfect time as well.”
Savings is within sight; so is peace of mind
Homeowners with mortgages at higher rates could take advantage of mortgage rate decreases by refinancing their current loans into a lower rate, thus saving them thousands in interest and lowering their monthly payments.
For those looking to buy a home, these low rates make now the ideal time.
NLC Loans also offers a valuable 5 Year Rate Guarantee, which not only allows customers to take advantage of these surprisingly low mortgage rates, but also provides them with the peace of mind of knowing that if mortgage rates drop even lower at any time in the five years following the closing of their loans, the company will allow them to refinance at the lower rate without paying appraisal or loan origination fees.
“It’s a win-win situation,” said Sopko.” “Low rates now and a guarantee of lower rates later, should they fall even further. Timing is perfect for some homeowners whether they are buying, selling, or both. Equity has returned and rates are low.”
For more information on your own personal mortgage interest rates and the NLC Loans 5 Year Rate Guarantee, call 866-480-8050 toll-free or get a no-strings mortgage evaluation online.