For the eighth straight month, the average rate paid on a 30-year mortgage* loan fell to 4.07 percent, according to Ellie Mae.
This continual dip in interest rates may be attributed to an increased number of individuals refinancing their homes. Those accounted for 43 percent of all loans in August. Home purchase originations dropped to under a 60 percent share for the first time all year.
Homeowners in Fort Collins are capitalizing on this opportunity to lower their monthly mortgage rates and save money.
All in all, this is great news for individuals interested in refinancing their homes.
When you make the decision to refinance, you’re deciding to lower your monthly payment. As mortgage rates fall, more and more people are securing loans with lower rates.
Are you next?
Borrowers who refinance, generally, enjoy lower monthly payments, which can free up discretionary funds every month. Even if the interest rate reduction is one half of a percent, chances are that can make a noticeable impact on your finances.
Refinancing also allows homeowners to build equity faster, especially if they assume a new loan with lower rates and shorter terms.
An adjustable-rate mortgage may also be an option. As rates fall, these appealing loans allow consumers to enter a loan at a lower rate for a period of time.
Some homeowners may decide on a cash-out refinance, allowing them to consolidate their debt and free up some extra funds.
Whatever you decide to do, there’s no shortage of opportunities. If you are ready to get started, contact us today.
*Qualifying factors may apply.