Mortgage rates dropped to all time lows earlier this month. The average 30-year mortgage rate is 3.36% and the average 15-year mortgage rate is 2.77%, according to the FreddieMac weekly report published March 12, 2020.
Refinancing your mortgage may be a good idea, if one or more of the following apply in your situation:
the interest rate of your current mortgage is around 4% or higher
your mortgage has an adjustable rate
you have been paying private mortgage insurance (PMI) and your loan value is less than 80% of your home's appraised value
Contact our office today to discuss whether refinancing is a good option for you.