Mortgage interest rates near all time record lows

Yesterday Freddie Mac released their Prime Mortgage Market Survey revealing that mortgage interest rates are near all time record lows with the 30 year fixed rate mortgage averaging 3.48 with 0.5 points for the week ending June 30, 2016.

2016 06 30 freddie mac pmms

The current extremely low rates are largely due to the “Brexit” shakeup causing uncertainty in the European economy.

From Freddie Mac’s PMMS Report: “This week’s survey rate is the lowest since May 2013 and only 17 basis points above the all-time low recorded in November 2012. This extremely low mortgage rate should support solid home sales and refinancing volume this summer.”

This is a great opportunity for those fortunate enough be buying a home in this hot real estate market and for those who already own a home and can benefit from refinancing. The only way that you can benefit from today’s historically low mortgage rates is to start an application and LOCK in your low rate.

When can you lock in your low rate?  If you are buying a home, you need to have a mutually accepted (signed) purchase and sales agreement and be certain that you are closing on the home. If you are considering refinancing (or buying) a home, you need to complete a loan application so that the lender can obtain your credit report (credit scores impact most mortgage rates).  I recommend starting the process by getting a mortgage rate quote (pre-application worksheet) so that you can see if refinancing makes sense for you.

If your home is located anywhere in Washington state, where I am licensed, I am happy to help you with your mortgage!

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