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. 

The Bottom Line

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

Share This
About The Author
Portia Green, REALTOR®

Portia's clients all have a similar story. She feels like a friend and most likely you met her at the kitchen table or huddled up in the living room. Her personable nature and easy going approach attract sellers and buyers alike, in what can be a stressful and emotionally charged experience. An experienced REALTOR® with 15 years experience, she is just as excited about real estate today as she was with her first transaction. Portia 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.

Related Posts