Mortgage interest rates have remained steady at lows not seen in 40 years, with 30-year fixed rate average 3.87%. The 15-year fixed rate, while moving slightly higher last week, remained close to the record-breaking 3.14% set at the beginning of the month. These historically low rates present an amazing opportunity for home buyers and for homeowners looking to refinance. For example, on a $200,000, 30-year loan a borrower would save nearly $48,000 ($47,940) on a 3.875% loan during the loan period compared to a 5% fixed mortgage. Be sure to check with your mortgage professional for the most current information and for assistance in determining what is best for your personal situation.
If you’re considering buying or selling, give us a call. We know what’s selling, we know who’s looking, and we can help you get your best deal.
Shawn Buryska ABR, CRS, GRI
Coldwell Banker Burnet Realty
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota