Lowest Mortgage Rates in History!

Freddie Mac’s Prime Mortgage Market Survey (PMMS) released this morning states: “The average 30-year fixed-rate mortgage hit a record 3.29 percent this week, the lowest level in its nearly 50-year history“…”30-year fixed-rate mortgage averaged 3.29 percent with an average 0.7 point for the week ending March 5, 2020, down from last week when it averaged 3.45 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent. ”

Rates have been bouncing around at very low levels largely thanks to the fears caused by the coronavirus. Some local employers, like Microsoft, are having employees work from home for the next two weeks. My neighbor who works for Nordstrom has also been instructed to work from home.

If you’re hunkered down, this could be a good time to check out refinancing from the comfort of home. It only takes a few minutes to apply online  and most of the transaction can be done via email. Most of the refinances I have closed this year have not required an appraisal.

Historically, if we have a Democrat elected president, we will probably see mortgage rates move higher…this will be even more likely if we have a socialist Democrat. This is because the markets tend to favor Republicans. With this being an election year, I recommend starting your application to refi now and start saving money with your monthly mortgage payment!

I’m also happy to review your current mortgage to see if refinancing makes sense for you at this time.


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