This is another term that seems straight forward. But keep in mind that with long-term financing, you pay more interest than you would with the lowest rate percent because of its longer term.
At the beginning of the coronavirus pandemic, mortgage industry experts forecast that benchmark interest rates might fall, but wouldn’t drop at a 3% . But now that’s just what has happened.
And many economists predict that mortgage rates will remain below that threshold into 2021.
This is the first time since Freddie Mac began tracking mortgage rates in 1971 that the rate on the 30-year mortgage dropped below 3%. And it is the seventh time so far this year that Freddie Mac’s mortgage rate survey had reported a record low.
Contact me today and let’s talk about numbers and see if I can find you your dream home. I’m here to help and will be happy to go over your options without any obligations. If you feel like am the right fit I would be honored to working with you.
David Wyrick REALTOR /Leasing Expert