This morning the Fed lowered the Fed Funds rate by 0.50 to 1-1.25% due to the global financial impacts of the coronavirus. The markets were anticipating the Feds to make a move and reacted favorably…however we’re still seeing plenty of volatility.
What does this mean with regards to mortgage interest rates? They are still very very LOW making this a great time to look at refinancing.
You may be a good candidate for a refinance if ANY of the below list applies to you have:
- A mortgage with interest rate higher than 4.375%.
- private mortgage insurance.
- an FHA mortgage.
- an ARM (adjustable rate mortgage).
- a second mortgage/HELOC
- revolving debt with interest rates above 3.5% (or that will reset with higher interest rates).
Or perhaps you want to take equity out to improve your home (or for any reason). Many homes have greatly appreciated!
I have been helping people with their mortgage needs for 20 years. If you are thinking about buying or refinancing your home located anywhere in Washington state, where I’m licensed, I am happy to help you! Click here for a rate quote or here to start your pre-application.
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