If you’re looking to buy a home or refinance the one you’re in, the current economic climate is playing into your favor.
“This is definitely in my 41 years about the lowest I’ve ever seen it, especially for 30-year rates, it’s unbelievable,” said Larie Schoap, Vice President of ESB Financial in Manhattan.
Several factors are leading to the lower rates, including the stock market’s recent plunge, which experts say are driving bond yields down. That may be due to fears of the coronavirus, OPEC or the fact that it’s an election year. Whatever the reason, Schoap says people should at least call in to see if it’s a good time to refinance or for potential home buyers to complete their mortgage registration applications.
“I would do what I did, I would strongly suggest to lower your term and I’ve been doing that with several people, lowering terms by 5 to 7 years, and that’s a lot of savings in interest,” she said.
Current rates are at historic lows, some not seen since before the stock market downturn in 2008.
For current mortgage rates and details and financial advice, it’s encouraged to check with your financial institution.
According to data from the Flint Hills Association of Realtors, the average sale price for homes is our region are as follows:
Additional data can be found via Wichita State University’s Center for Real Estate.
