Did you know? The latest drop in mortgage rates means big savings for borrowers refinancing and for homebuyers maximizing purchasing power. Take advantage of this opportunity today!
New plunge in mortgage rates could save borrowers thousands of dollars
“The average rate on the popular 30-year fixed mortgage was at 3.75% last Friday. By Thursday, it had dropped to 3.62%, according to Mortgage News Daily. This is an average for borrowers with solid credit scores and at least a 20% down payment. More dramatic is the comparison with a year ago. Rates are now about 1.25 percentage point lower than they were at this time last year. For the average borrower taking out a $300,000 mortgage, that is a savings of about $225 on the monthly payment, or $2,700 per year. That is big savings for borrowers refinancing their loans, and it gives buyers significantly more purchasing power in an already pricey housing market.”