It's nice to hear some good news in this jobless recovery. Rates on 30-year mortgages matched the lowest level in decades and rates on 15-year loans dropped to their lowest point in nearly 20 years.
According to the San Jose Mercury News, mortgage buyer Freddie Mac said the average rate for 30-year fixed loans fell to 4.32 percent, the lowest on record since 1971.
The economy is still in a tough spot, that's nothing new. Low rates have failed to boost a struggling housing market, which had its worst summer in more than a decade. Fall sales are not expected to be much better.
So where's the bright spot in this hurricane of financial news?
Take Advantage of San Jose Mortgage Rates
No one is sure how long these historic mortgage rates will continue, 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. Shopping around for the best rates is recommended, but don't wait too long. As good friend and Vice President of Quicken Loans Joel Gurman says "Don't float on rates, lock-it in!"
Act Now While San Jose Mortgage Rates are Still Low
Evaluate your financial situation and see if mortgage refinancing 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 mortgage professional licensed in San Jose, I have helped many clients refinance into a lower monthly mortgage payment with the low San Jose mortgage rates that are available. Research your refinance options and if you're ready to move forward get in touch with me at Quicken Loans today!