Mortgage Rates Reach 13-Month Low
You may not follow mortgage rates particularly closely, but if you’re shopping for a mortgage it’s definitely a topic you want to pay attention to. This is especially true since rates are at a 13-month low.
What could this mean for your dreams of home ownership?
Well, first it could mean a more affordable mortgage. You can check out some statistics here on how much a one percent difference in interest rate can affect your monthly payment. Spoiler alert: it’s significant! You can also save over the life of your loan to the tune of thousands of dollars.
Should I lock in a rate now?
If your family is thinking of purchasing a home, now is the time. Mortgage forecasters have predicted that rates will trend toward increasing over the course of 2019. While no one can predict exactly what will happen, seeing the lowest rates in 13 months is a big deal.
By locking in a rate now, you guarantee your rate won’t rise for a certain period of time as you shop for a home – even if rates increase while you’re still looking. Have questions about how to lock in a rate? Just contact our team of local mortgage professionals to find out how!