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Published September 9, 2021
How You Can Take Advantage of Low Mortgage Rates
Mortgage rates won’t stay this low forever. Here are the details.
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Today we want to give you an update on the direction of mortgage rates. Low rates have contributed to the high demand we see today, so what does the future hold?
At the beginning of the year, mortgage rates were in the high 2% range. By March, they had increased to about 3.5%. As we headed into summer, we saw interest rates go down again to about 2.785%. Now, we see that while interest rates are still great, they are ticking up again. Right now, they are around 3%.
"There’s a big difference between locking in a 3% rate and a 3.75% rate. "
So why might this be happening? To take a step back, when we talk about mortgage rates, we typically mean 30-year, fixed, conventional mortgages unless stated otherwise. The trend we see with mortgage rates is that they are increasing a tiny amount weekly. 3% is still an all-time low rate, but it is ticking up ever so slightly every week.
The takeaway is this: If your current mortgage rate is 4% or above and you don’t plan to move in the next four to six years, we highly recommend you refinance your mortgage. We also recommend that those looking to buy or sell try and take advantage of these low rates while they last. We expect them to increase to 3.5% by the end of the year and 3.75% sometime the following year. Those are still good rates, but there's a big difference between 3% and 3.75%.
If you haven’t refinanced yet, or if you have questions about anything real estate-related, please reach out to us via phone or email. We look forward to hearing from you!
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