This morning Freddie Mac released their weekly Prime Mortgage Market Survey report with a title that I couldn’t agree with more: “Lower-than-expected mortgage rates offer refinance opportunity“.
Mortgage rates are the lowest they have been in about 10 months, or since April 30, 2015 according to the PMMS. This is largely due to ongoing volatility in the markets.
HOWEVER… we have the JOBS REPORT being released tomorrow morning. The Jobs Report as the potential to dramatically impact mortgage rates for better or worse. So if you’re considering refinancing and you don’t like to gamble, you may want to start your refi application ASAP so you can lock in today’s low rates before the Jobs Report is released 6:30 tomorrow morning.
You may be a candidate to refi if you want to:
- lower your mortgage rate;
- lower your monthly payment;
- eliminate mortgage insurance (private of FHA)
- reduce your mortgage term;
- pay off a second mortgage or home equity loan;
- take cash out (to pay off debts, make home improvements, etc.)
Today’s low rates may bounce up at any time with how volatile the markets are. And as Freddie Mac’s PMMS states, our current very low mortgage rates are very unexpected.
I am happy to help you with your refi or home purchase for your property located anywhere in Washington state. Click here for a no-hassle rate quote.