Been thinking about buying a home or refinancing, but still haven’t moved forward with your plans? Mortgage rates have been all over the map since COVID-19 struck, but we have seen some impressive low rates in recent months. And today, rates plunged yet again to a new record low.
CNBC reported on May 15th, “The average rate on the popular 30-year fixed mortgage just fell to 3.09%, a record low, according to Mortgage News Daily.”
Explaining the drop in rates, CNBC said, “A weaker-than-expected read on April’s coronavirus-affected retail sales released Friday contributed to the decline, as investors moved into the relative safety of the bond market, pushing yields down. Mortgage rates loosely follow the yield on the 10-year Treasury.”
It should be noted that the 3.09% figure is an average. Depending on where you shop for a mortgage, you might find an even lower rate than that. But some lenders may not drop as low as 3.09% with their rates, so you could end up with a higher mortgage rate.
As a Los Angeles mortgage broker with over 20 years of experience, I have established relationships with numerous lenders throughout the metropolitan area and beyond. That means that when you contact me for a mortgage for home purchase or refinance, I can shop that entire network for you and make sure that your getting the most competitive rates.
It is uncertain how much longer mortgage rates will stay this low, or if they will drop to this level again in the future. There are too many unpredictable factors impacting the economy right now.
For that reason, I recommend that you move quickly to snap up these rock-bottom mortgage rates while they are still available. If you choose a fixed-rate mortgage, you will still be paying these same low rates for the lifetime of your mortgage, no matter what your neighbors are paying.
If you are ready to get started, please give me a call today at (818) 601-2231 to schedule your consultation. I look forward to connecting you with the ideal mortgage for your needs.