As a loan officer serving Boston, MA and the Greater Boston area, I watch the mortgage rates closely. After hitting an all-time low around 3.5% for a 30-year fixed rate at the beginning of last year, rates have been steadily rising. This week the same rate actually fell slightly, from 4.32% to 4.23%, but experts expect it to continue to climb. Most predict that we’ll see 5% in 2014 and won’t see anything lower anytime soon.
What do all these numbers mean to you?
Homebuyers: Lock in a Low Rate Now
If you’re in the market to buy, you’re better off locking in an attractive sub-5% rate now than waiting around. Rates almost certainly won’t fall significantly in the future, so the time to act is now.
Of course, that doesn’t mean you should cut any corners. Locking in a low rate is important, but don’t forget to do your homework. Be sure to get all your appropriate documents and invest the time to find a home you can fall in love with.
Homeowners: Refinance Now
If you’re a homeowner saddled with an unappealing mortgage rate, refinancing can be a great way to lower your monthly payments. Since rates continue to rise, you may not have very long–act now while the rate is still below your existing terms.
Refinancing can be complicated, and the interest rate isn’t the only thing that may change. You can also adjust your payment schedule and your mortgage type. Feel free to reach out to me if you have questions or concerns about refinancing–I’ll explain everything in easy to understand terms and help you make the best decision for your future.
BOTH: How to Lock In Your Low Rate
Interested in securing a good mortgage while you still can? Don’t hesitate to give me a call or send me an email. I’ll guide you through the process and provide a range of attractive options.