
Mortgage Rates Drop Once Again
Mortgage rates fall yet again, after the 2nd cut in 2019 we are experiencing another drop in January 2020. This is setting some government rates below 3% for a 30 year fixed. That is unheard of since 2016.
There is speculation that the reason for this drop in rates is the focus on the Wuhan (Corona) virus emanating from China. It’s unclear how these two things are related, but since the arrival of the virus in US Cities, interest rates have been sharply dropping.
The result is something many homeowners are capitalizing on and refinancing their mortgages to record low rates.
It’s suspected that the rates will likely rise in the upcoming months as talks with the Federal Reserve as the prediction is they will stay low.
Many homeowners are scrambling to get their refinances in as rates are so low and banks / brokers are swamped with applications. If you are interested you can apply here.
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Justin Scott
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Executive Mortgage