Real estate expert Bryan Nazor discusses how mortgage rates have reached an 8-year low and what that means for home buyers.
An article recently released by CNBC states that mortgage rates are at an 8-year low. Real estate experts, like Bryan Nazor, see this as a positive for home buyers and real estate agents alike. However, many experts are wondering why mortgage rates aren’t even lower.
“As real estate agents, we’re happy for home buyers. So many people dream of owning a home, and low mortgage rates mean that dream is made more possible,” Bryan Nazor says.
According to Mortgage News Daily, mortgage rates hit an 8-year low on Friday morning, reaching 3.23 percent as an average rate for a 30-year fixed mortgage. This fall is attributed to fears of Coronavirus, which sent the stock market tumbling. The last time mortgage rate lows were hit was in September 2012, when they briefly reached 3.15 percent.
“This is also a good time to consider refinancing an already existing mortgage,” Bryan Nazor says. “It’s not just new home buyers who enjoy the benefits of low mortgage rates.”
Real estate experts like Bryan Nazor explain that now could be a good time for homeowners to consider refinancing. However, refinancing typically costs homeowners between $3,000 and $5,000 when fees for appraisals and more are factored in.
“It’s important for homeowners to consider how much they’ll be spending in fees, so they don’t go through the time, energy, and expenses of refinancing for nothing,” Bryan Nazor says. “Although, refinancing, even if you recently purchased your home, could be financially beneficial in the long run.”
Real estate experts like Bryan Nazor explain that it doesn’t matter how long a homeowner has had a mortgage, refinancing could be a beneficial option. Nearly 2 million homeowners who took out mortgages in 2018, are prime candidates for refinancing, and nearly 1 million more who took out mortgages last year are quality candidates.
“It doesn’t matter how long you’ve had your mortgage,” Bryan Nazor says. “If refinancing works for you, you could end up paying drastically less for your home overall.”
Real estate experts like Bryan Nazor describe that now is the time for home buyers and current homeowners to take advantage of low mortgage rates. In just a few weeks, mortgage rates plummeted and quality candidates for refinancing skyrocketed, but these rates can rise just as quickly as they fall.
“Now is the time to look into your options,” Bryan Nazor says. “Act quickly, and you could save big on your new home purchase, or take the time to refinance, and you could end up paying less than you thought for your current home.”