The time to refinance or purchase is now!

Randy Luke – NMLS LO# 77184
WA State MLO# MB1468332

Home Loan Rates up again…the time to refinance or purchase is now!

If you are thinking about buying a home or refinancing the one you have, you could save hundreds of dollars a month by doing so now.

For the 6th time since the end of the Great Recession, the Federal Reserve raised the short-term “overnight” rates banks pay to borrow money from the Federal Reserve to 1.75% last week. This translates into a 30-year fixed rate of 5.0% if a borrower has at least a 700 credit score.

Because we are in a “Goldilocks” economy of record low unemployment, low inflation, and an all-time high stock market, rates are expected to continue rising in the next year to as high as 6.0%.

On a $ 250,000 loan, a 6.0% loan rate would be over $ 150 a month higher than the $ 1,342 a month principal payment at 5.0%. On a purchase for the same principal payment on $ 250,000 at 5.0%, you could only borrow $ 223,000 at 6.0%.

So if you are thinking of refinancing or purchasing a home soon, now is the time
to do so before interest rates go up any higher.

Call South Sound Home Loans at (360) 888-7442 to find out what you qualify for
today!

 


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