Mortgage rates are at record lows — again

Mortgage rates are hovering at their lowest levels ever, providing a unique and powerful opportunity for many to buy a home or refinance. We’re talking about once in a lifetime home loan rates, and if you opt for a fixed-rate home loan, you can lock in a super low rate for years to come. If you prefer an adjustable-rate mortgage, those are super low too!

In the early 1970s, mortgage rates were mostly between the mid-7 percent range and high 8 percent range. By the 1980s, mortgage rates at one point rose to more than 18 percent. Depending on when you purchased a home in the 1990s, your mortgage rate may have been in the 7 percent, 8 percent, 9 percent or even 10 percent range. Today’s rates are, in a word, incredibly low.

Many people could benefit by refinancing their home loans but simply don’t realize that they are good candidates for doing so. A homeowner with a higher-rate 30-year mortgage, for example, could refinance to a 15-year mortgage that helps them to pay off the mortgage in much less time. Others may benefit from a cash-out refinance. If you aren’t sure if refinancing is right for you, we can crunch some numbers and discuss the pros and cons of keeping your current loan or refinancing into a new one.

Others could stand to benefit by purchasing a home and locking in a low mortgage rate for years to come. Whether to buy a home, of course, depends on more than just financing costs, but they do play a large part in the decision. One of the benefits of homeownership is that with a fixed-rate home loan, your monthly principal and interest remains the same over the life of the loan. With renting, you’re subject to rent increases from your landlord.

At PRMI, we offer a variety of home financing options, both fixed-rate and adjustable. We work with all of the major home loan programs and are here to help you find the best lending option for you and your family. Put us to work for you! Call us at (360) 903-7890.