Should I Refinance My Mortgage?

March 16, 2020

 

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.

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