Sunday, 11/17/2019
Q: We have been waiting to pulls cash out on a refinance to do some home improvements. Should we wait for rates to continue to go lower or make our move now? What rate could we get today on our $350,000.00 refinance?
A: With ZERO POINTS, you can get a 30 year fixed as low as 3.625% (3.70% a.p.r.) to 3.75% (3.81% a.p.r.).
Rates are slightly higher for loans with NO BORROWER PAID COSTS, AND OFTEN MAKE MORE SENSE FOR THE MAJORITY OF BORROWERS.
My advice is to call me at 831-818-7700 or send email to jchubb1@gmail.com for real time quotes, individual guidance, strategy and advice. In general, I would not advise you to wait for lower rates if you can reasonably achieve your goals with today’s attractive rates—AND SINCE I SEE A POSSIBILITY OF A SLOWER ECONOMY WITHIN THE NEXT 14 – 24 MONTHS, I AM NOT SURE I WOULD RECOMMEND THAT ANYONE BUY DOWN THEIR RATE TODAY. How this works for every individual situation can be very different, which is why I believe that individual consultations are very worthwhile.
Mortgage rates are currently quite low by historic standards and at lows for the last few years. There are many opportunities to purchase and refinance at very attractive rates. The Fed has stated an intention to leave rates alone, saying that they have acted responsibly to bring rates down to an acceptable level. Of course the Fed will act to further stimulate the economy as they feel necessary moving on and this will happen sooner rather than later if the trade war with China is not settled with the removal of the tariffs that are threatening to choke global economic growth. Regardless of Fed activity, DAILY RATES WILL BE INFLUENCED BY THE ACTIONS OFWALL STREET TRADERS AS THEY EACT TO DAILY AND WEEKLY NEWS AND ECONOMIC REPORTS.
This means that, going forward, rates will remain attractive and could offer some weekly specials that will most likely be short term opportunities. In general we can expect and look for better rates when employment and economic growth slows and higher rates when inflation and economic activity pick up.