2020. A year all of us will never forget. From staggering unemployment rates to the nationwide toilet paper shortage, we somehow made it to 2021! We have approached a new year and almost nine months since the beginning of the coronavirus pandemic, and many of us are still left with uncertainty. Regardless, there is one item that we can be certain about - and that is the fact that mortgage rates have hit a record low!
For example, if we were to compare a 30-year fixed mortgage rate from January 2020 to January 2021, you will see that it has dropped 1.08 percent. Although that number looks small, it’s actually over 30 percent. Now is the perfect time to refinance your home loan so you can lock in this low mortgage rate for the long term; until your mortgage is paid off or you decide to sell your home.
With a lower interest rate, you will end up saving tons of money over time in interest. If you are interested in seeing what your mortgage rate could be, check out our free rate search tool on our home page (https://rosegatemortgage.com/), where you can see live rates for your specific zip code. Don't hesitate and act now while mortgage rates are low! We're always here to answer any questions you have and see if refinancing is the right move for you.