As coronavirus fears hit financial markets, U.S. mortgage rates dropped to an eight-year low. The average rate on a 30-year fixed mortgage hit 3.34% on Monday, according to Mortgage News Daily.
That rate hit 3.34% for one day in 2016, before spiking much higher. Previously, rates have not been this low since 2012.
What do these rates mean to consumers?
“Simply put, almost everyone with a mortgage can benefit from a refi at this point,” remarked Jay Hurst, co-founder of Hurst Lending & Insurance. Hurst points out that even if you already have a good rate, it’s a smart time to pay off debt faster (and save thousands in interest) by moving from a 30-year mortgage to a 15-year. Alternatively, a cash-out refinance can give you cash to pay off higher interest debt or make new investments. Often, a refinance can be achieved with little or no cash out of pocket.
We would be happy to advise you on how a refinance in this environment may help you meet your financial goals. Please contact us at 877-292-7350 or click the button below for a free, no obligation quote.