Mortgage Rates at Record Lows

Freddie Mac released the Prime Mortgage Market Survey today revealing extremely low mortgage rates.

The PMMS is based on data from loan applications from the last week and is based on conforming mortgages for home buyers with excellent credit who have a down payment of 20 percent or more.

Mortgage rates are still at record low levels, however if you want to have current rates based on your financial scenario, you need to obtain a mortgage rate quote – hopefully from a local, licensed mortgage professional.

I have been helping clients currently have rates in the 3’s and some have had their existing mortgage for less than a year. It really helps to compare your mortgage to present rates to see if refinancing makes sense for you. Added bonus: many refi and purchase mortgages have not been requiring an appraisal! It really is a great opportunity to lower your payment, use equity to make home improvements or restructure debt. If your home is located anywhere in Washington state, I’m happy to help you! Click here if you would like a mortgage rate quote or here if you would like to start a loan application to begin the process.

We don’t know how long rates will remain this low…we do know that there is not a lot of room to go much lower. As the pandemic gets under control, I anticipate that mortgage rates will return to a more “normal” level. Rates in the 2s and 3s is not historically normal. Mortgage rates also tend to rise much faster than they fall. Please don’t miss out on this opportunity to improve your finances!

PS: Happy Holidays and Merry Christmas to you and yours.

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