Mortgage rates hit record low

According to the almighty Freddie Mac, mortgage rates have hit an all time nationwide low. As of this week, the nationwide average for 30 year fixed mortgage rates hit 3.89 percent. On that same note (no pun intended), 15 year fixed fell to 3.16 percent (also a record low). What does this mean for the consumer? Are the banks lending? Who’s my competition when applying?

These are all legitimate concerns for the average consumer. The all-time lows mean increased mortgage applications to banks. As of last week, application rates rose significantly after the holidays. The consumer should take this movement in a positive direction, because if you have quality cash flow and a respectable credit score then you have a fighting chance. Refinancing is a smart decision at this point in time and I highly advise it to those applicable. The good news we see here is that banks are lending again. The blood seems to be leaving the water and its safe for lending and trust to resume. The competition will be tight when going to a lender but remember this is a good thing. These record lows are a glimmer of light for buyers and sellers and once again proves our economy  to be gaining momentum.

All the best,

Justin Helmus

Lead Buyer’s Specialist- Team Michael Burke

239.850.6175

jshelmus@gmail.com