Mortgage interest rates hit a record low this week with an average interest rate of 3.29% on a 30-year fixed-rate mortgage according to the Freddie Mac Primary Mortgage Market Survey. As the chart below shows, interest rates came close to this level at the end of 2012 but then quickly shot up to over 4.5% shortly after.
Now is the time to buy or at least refinance!
Anyone that has been thinking of buying a home should, if able, shift into high geat and find one now to take advantage of the low rates and the increased buying power that comes with it. The first step would be to get yourself pre-approved and, for that, I would recommend Michael McCarthy with Flat Branch Home Loans…he’s great and our firm does a lot of business with him. You can find his info at STLBestLender.com. If you a homeowner with a mortgage and no plans to move, I would also suggest you get in touch with Mike to see how much money you can save by refinancing your existing mortgage at a lower rate.
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Mortgage Interest Rates – 30 Year Fixed-Rate
(click on chart for live, interactive chart)
