Given the HISTORICALLY low interest rates of the current market, we recently decided to refinance our home. I receive rate sheets from my preferred lenders weekly which help me keep a close eye on market conditions. I jumped when I saw that I could save 1%!
Some Highlights: With interest rates hovering at near historic lows, now is a great time to look back at where they’ve been, and how much they’ve changed over time. According to Freddie Mac , mortgage interest rates are currently hovering near a five-decade low. The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year or $7,200 over the life of your loan. Maybe it’s time to lock in now while rates are still low.