Lower Mortgage Rates Could Save Borrowers Thousands of Dollars

By in News

• Homebuyers May Benefit from Unexpected Drop in Interest Rates •

Last week, Diana Olick at CNBC reported that a new plunge in mortgage rates could save borrowers thousands of dollars. We’re excited about what that means for home buyers and sellers!

A few key takeaways:

  • The average rate on the popular 30-year fixed mortgage was at 3.75% last Friday. By Thursday, it had dropped to 3.62%, according to Mortgage News Daily.
  • Rates are now about 1.25 percentage point lower than they were at this time last year.
  • For the average borrower taking out a $300,000 mortgage, that is a savings of about $225 on the monthly payment, or $2,700 per year.

While home prices in California continue to increase and are expected to rise 2.5% through 2020, the California Association of REALTORS® is forecasting low mortgage rates will offset the rising cost of homes.

If you’re shopping for a mortgage or thinking about refinancing, get in touch with our Reali Loans team. Business Insider rated Reali Loans a top 2019 nonbank lender!

Ready to take the next step or have questions? Call us at 858.880.0195 or send an email to portia.green@compass.com

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Call us at 858.880.0195 or email portia.green@compass.com to get started.

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About The Author
Portia Green, REALTOR®

Portia’s clients all have a similar story. Most likely, you met her huddled around a tablet at the dinner table yet she feels like a friend. Her personable nature and easy going approach attract Sellers and Buyers alike, in what can be a stressful and emotionally charged event. A talented REALTOR® with 16 years experience, Portia is just as excited about real estate today as she was with her first transaction. She remains ever-committed to helping her clients find their place in the world and helping busy people navigate this crazy real estate market like a pro.