Mortgage rates today: How to take advantage

Mortgage and refinance rates today, Oct. 1: How to take advantage

Mortgage rates are now officially less than 3%. Some clients of mine closed this week at 2.25% on a 15 year fixed rate mortgage. There is no time like the present to take advantage of these low rates and super cheap money.

Reach out to your mortgage professional today or if you need a referral to a good mortgage company, let me know.

Today’s mortgage and refinance rates

So far, in 2020, mortgage interest rates have plummeted to record lows nine times, and that number is likely to grow. At publication, Freddie Mac reported these average interest rates:

Current mortgage rates, as of October 1, 2020:

  • 30-year fixed-rate mortgage: 2.88% (up 0.02% from the record-low rate of 2.86% set on Sept.10)

  • 15-year fixed-rate mortgage: 2.36% (a 0.78% decrease from the year prior)

Will mortgage rates keep going down?

On September 16, the Federal Reserve voted to leave interest rates between 0% to 0.25% until at least 2023.

Further, the Federal Open Market Committee released an updated economic projection sheet that indicates interest rates could remain closer to zero through 2023.

Refinancing your mortgage

If you’re a homeowner, you could save money when you refinance your mortgage. You may be able to reduce your mortgage interest rate with a refinance. Refinancing your loan could save you on your monthly mortgage payment and help reduce the overall cost of your loan.

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