Historic Mortgage Rates
Mortgage rates this week did something that was unprecedented. They went below 3.00% for a 30 year mortgage! That has never happened! It is a first for Fannie Mae who has been tracking mortgage rates for nearly 50 years. That makes what happened an extremely rare development.
What this means
With rates at historic lows the monthly cost of home ownership will continue to stay down. Using the UCB fixed mortgage calculator you can play with different variables to find out how much you could save monthly due to these low mortgage rates.
If you’re thinking about refinancing this also has an effect you. Rates continue to stay low which means if you are planning on living in your home for at least a year and could save at least 1 percentage point on your mortgage, it’s worth looking into!
If you have mortgage questions contact a UCB Mortgage Loan Officer. They will answer all your questions and can help sort out everything that is happening with mortgages right now. If you are interested in taking advantage of these rates on a mortgage you can sign up for Rate Watch. Rate Watch is an easy way to have the updated rates emailed directly to you, so you are never caught off guard when they go up, or down.