If you’re on the cusp of purchasing a home, we have great news!

On Wednesday, March 20th, the Federal Reserve System (Fed) announced their decision to increase bond purchases, which caused mortgage rates to decline to their lowest in 2019.  Since then, several other factors have helped rates continue to fall.  Specifically, inconsistent employment numbers, trade wars with Mexico and China, dovish guidance from the Federal Reserve with potential imminent rate cuts, little inflationary pressure, and concerns of a recession are all doing their part.

What does this mean for your home purchase?  As an example, a one percent decrease in interest rates (the difference between June 2018 and June 2019) results in a monthly payment savings of $147 on a $250,000 loan. You can take advantage of the reduced mortgage payment or increase your purchasing power by $31,000 at the same payment.

Did you purchase last year when the market was less favorable? Are you paying PMI? A conversation about refinancing may make sense. Contact our team to take advantage of this year’s low rates! 833.354.5626