Mortgage rates are at historic lows. Really, rates haven't been this low since the very first McDonalds restaurant opened in 1955!
The average rate for a 30-year fixed loan was 4.32 percent this week, down from 4.36 percent last week, mortgage buyer Freddie Mac said Thursday. That's the lowest since Freddie Mac began tracking rates in 1971. In fact, San Jose mortgage rates are so low they could be confused with John Cusack's career!
The low rates have fueled a wave of refinancing by borrowers. According to San Jose Mercury News, refinancing is at its highest level since May 2009 and makes up almost 83 percent of all new loans, its highest share since January 2009.
Refinance with a San Jose Mortgage
No one is sure how long low mortgage rates are going to last, but there's no denying that the time to get started on that home refinance you've been wondering about is right now.
While many are extremely cautious with any large financial decisions because of the faltering economy, I think everyone should at least consider refinancing before rates go back up. As good friend and President of Quicken Loans Jay Farner says, "Rates may never be this low again!"
Work with a San Jose Mortgage Professional
Evaluate your financial situation and see if refinancing or purchasing with a San Jose Mortgage is the right choice (it probably is). Refinancing will save you cash by lowering your monthly mortgage payment. Depending on your financial situation, you could save thousands in interest by locking-in a lower rate.
As a Quicken Loans home loan expert licensed in San Jose, I have helped many clients buy a new home or refinance into a lower monthly mortgage payment with a San Jose mortgage. Whether you're looking for FHA Loans, VA Loans, fixed-rate, or adjustable rate mortgages, if you're ready to move forward get in touch with me at Quicken Loans today!
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