Now is a Great Time To Purchase or Refinance
If you are considering a new home purchase or a refinance of your existing home, now may be a great time since mortgage rates continue to hover at all-time lows.
“With interest rates still at historically low levels, this is a great time to be a home buyer,” says Duffey Realty’s Britt Duffey. “Not only do lower interest rates stimulate the first time home buyer market, but they also allow present home buyers the opportunity to purchase a larger home at a monthly payment at or only slightly higher than their current monthly payment.”
According to Bankrate.com, in March 2015, the average 15-year fixed mortgage dropped to 3.04 percent while the larger jumbo 30-year fixed mortgage plummeted to a new record low of 3.92 percent. Adjustable rate mortgages are also lower, with the 5-year ARM dropping to 3.14 percent and the 7-year ARM sliding to 3.31 percent.
One year ago, the average 30-year fixed mortgage rate was 4.51 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,014.56. With the average rate now at 3.80 percent, the monthly payment for the same size loan would be $931.91, a savings of $82 per month.
Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets. For the most recent survey results, go to Bankrate.com.
If you are considering a new home purchase, now may be the time. Contact Duffey Realty today or view our listings at DuffeyRealty.com to get started.