Mortgage Rates Fall to 1971 Levels
With the widescale global market uncertainty of the past few weeks, investors have placed their money in bonds (and gold) which has driven home mortgage rates down. The last time rates were lower was in the 1950’s when 30 Year Loans weren’t even available. At that time, most long term mortgages were 20-25 Years. Current fixed rates are three percent lower than they were just five years ago and nearly six percent lower than what they were in 2000. Financial advisors are strongly recommending homeowners to refinance into 15 or 10 year mortgages. With current rates so low, the mortgage payments are often the same or less after refinancing. And, at the same time, taking years off their mortgage and saving thousands in interest. Contact John today to see how much you can save….
