The beginning of May saw the lowest mortgage rates of all time- 3.23%.
With these types of low rates, it’s no wonder why so many people are trying to refinance.
Freddie Mac’s April 2020 Quarterly Forecast Report found that $355 billion worth of refinance originations took place in the first quarter of 2020, up from just $125 billion in the first quarter of 2019.
A free online tool is linked in the original article, allowing you to see what’s available and how much you may be able to save.
If you’re wondering if now is a good time to refinance your home, this article covers 3 signs that now is the right time. These include saving money with lower rates and payments, plans to stay in your home long enough to break even, and needing to change the terms of your mortgage.
Homeowners can expect rates to continue to drop until the pandemic is over and should look into whether refinancing is appropriate.
“Low mortgage rates aside, it does cost money to refinance your mortgage. You’ll have to weigh your monthly versus how much you’ll pay in closing costs.”