While our advice for nearly everyone is to sit tight when it comes to their investments, there is a move we’d encourage nearly everyone to consider – refinance your mortgage.
Recent moves by the Fed to stimulate and stabilize the economy have created an opportunity for those with debt remaining on their balance sheet to refinance at lower rates. Mortgage rates have taken a dive to historic lows. If you have purchased a house or refinanced in the last 3-24 months, it’s probably a good idea to contact your advisor or banker to inquire about a potential refinance of your home.
Rates have been fluctuating, and the mortgage industry has experienced some capacity issues. This has caused rates to bump up slightly even with the Fed’s recent rate reduction. We expect these rates to continue to fluctuate and the direction they go is almost impossible to predict in the short term.
Mortgage rates below are as of Thursday 4/02/2020 12:00 PM. 780+ credit score, at least 80% loan to value, primary residence, and no closing costs associated with the refinance **rates change frequently**:
- 15 year fixed: 2.625%-2.75% depending on the loan
- 30 year fixed: 3.25%
What should you do? If you wonder whether this is a good option for you, please give us a call. We’d be happy to talk and get you connected to someone who can help you directly.