We hope this update finds you safe, healthy, and well. Back in March, we set out a market update indicating an expected upcoming adjustment in mortgage rates across all loan durations and we encouraged clients to begin preparing for the refinance process. Over these past few months, we have observed rates plummeting to record lows. We are reaching out to you today because mortgage rates crossed a significant marker this month, falling below 3% for the first time since Freddie Mac began tracking mortgage rates in 1971. The 15-year fixed-rate average also slid to 2.51% this week.
The uncertain nature of the COVID-19 pandemic and likelihood of a long economic recovery will likely keep mortgage rates low throughout the remainder of the summer/fall; however, we encourage you to move forward with the refinance process soon, if needed. By this time, many of you have already filed your 2019 taxes and should be in good shape to seriously consider the potential savings from a refinance. We have received some feedback that clients are struggling to get in contact with their current bank due to how busy many branches are with reduced staff and working remotely. Please let us know if we can assist you with any part of the process, including procuring a new mortgage lender should you have any difficulties working with your existing one.
In the meantime, stay safe and do not hesitate to contact us with any questions or concerns you may have regarding the market volatility and your financial goals!