Photo Courtesy of Creative Commons/Nick Youngson
2019 has seen a significant drop in mortgage interest rates. In fact, Freddie Mac was reporting a 3.73% average rate on a 30-yr. fixed mortgage last week — setting the benchmark at its lowest since late 2016. And there’s good reason to believe that these low rates may just stick around for awhile.
This drop has resulted in an increase in refinance activity, with applications rising 3% over the last week, and a rather dramatic 92% increase over this time last year. Home values continue to rise, which means that more and more borrowers have become eligible to refinance!
If you currently own a home, and missed out on the chance to refinance in 2016, it's time to contact your Midwest Lending mortgage professional. Reducing your interest rate not only helps you save money, it also increases the rate at which you build equity in your home. Not to mention you could also decrease the size of your monthly payment!
Contact Midwest Lending today. Let our experience and expertise determine if a refinance is the right move for your financial future.