Tis the season of Fall! While the leaves are dropping, interest rates are still falling. Historically low-interest rates have been the statement of the year making headlines every month. Today we are here to tell you that there is a new statement flooding the market and that is “bargain low territory”. So what does this mean and how is it affecting interest rates? Well, the term “bargain” says it all.
Rates have fallen yet again, but especially 20-year interest rates made the biggest decrease. Homebuyers who want to lock in a lower rate and save on interest should act now, ahead of predicted rate increases. Quite soon 3% mortgage rates may be in the rearview mirror by the end of 2021.
Interested in exploring your options? 20 AND 15-year mortgage rates are still at or near their all-time low! So let’s schedule a time today to talk about your current mortgage.
So what causes the increases and decreases in rates?
If you follow mortgage interest rates for a few days, you’ll likely notice that rates can fluctuate by a bit — or a lot — from day to day. Many factors drive these fluctuations. Here are some of the most common reasons why mortgage rates move frequently:
Employment patterns
The bond market
Federal Reserve System
Global economy
Fall is a great time to re-evaluate your mortgage!
With the changing of the season now is a great time to re-evaluate your current mortgage. Whether you have been in your current home for years or only a few, we promise you that it is worth the time to explore your options!