Now is the time to refinance or or take out a new mortgage loan
Mortgage interest rates at all-time low
Amid the looming fears of the long-term economic impacts of the coronavirus (COVID-19), mortgage interest rates have fallen to the lowest point ever this week, at 3.29 percent. The previous low for the 30-year fixed-rate mortgage was in November 2012, when the average rate fell to 3.31 percent.
If you've been on the fence about becoming a homeowner - or waiting to re-finance your existing mortgage - now is the time to act. This week's mortgage interest rate is lowest on record, giving prospective homebuyers and current homeowners an extra shot of buying power.
The week's further decline in rates, brought on by concerns over the coronavirus, triggered an increase in mortgage and refinance applications.
Lower interest rates = smaller monthly payments
Because interest rates have a direct effect on monthly mortgage payments, an increase or decrease in rates can make a difference in how much money you can borrow. For example, at an interest rate of 4.5 percent, the monthly payment on a $500,000 home (with a 20 percent down payment), would be $2,026. On the other hand, at an interest rate of 3.5, the monthly payment on $500,000 home (with a 20 percent down payment), would be $1,796. That's a difference of $230 a month, or $2,760!
Low interest rates good for sellers, too
Record-low interest rates are good news for home sellers, too. Lower interest rates may signal increased foot traffic from homebuyers this spring. So, if you're a home seller, now is the time - together with your REALTOR® - to ensure that your home is well-positioned in the market to attract the most buyers possible.
If you're ready to purchase your first home, or move up to a new home, or refinance your current mortgage, now is the time to act. If you haven't already, you'll want to speak to a loan officer about your mortgage loan options. Your Locations REALTOR® can help connect you to a loan officer who can best advise you on your next move.
Over time, investing in a home - particularly in high-value markets like Hawaii - is a solid bet. Record-low interest rates, at least for now, make owning a home in Hawaii today an even smarter move.
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