According to Freddie Mac's weekly mortgage rate survey, for 13 straight weeks, the average 30-year fixed rate mortgage has held below 4.000% for mortgage applicants willing to pay up to 0.8 discount points plus a full set of closing costs.
These are the lowest mortgage rates in history and now -- with a bevy of loan programs for the nation's 11 million "underwater homeowners" including HARP, the FHA Streamline Refinance, and the VA IRRRL -- millions of U.S. homeowners can exploit the current mortgage rate environment.
In this 4-minute clip from NBC's The Today Show, you'll learn about today's mortgage market and your refinancing opportunities in Georgia.
The video begins by telling us that 14 million credit-worthy Americans have yet to refinance their respective mortgages, and are leaving an average of $471 in "wasted savings" on the table each month which adds up to more than $5,600 annually.
That's a big number.
Some of the video's other key points include :
- Refinancing is "worth the hassle" when mortgage rates are as low as they are today
- The best rates are reserved for homeowners with the highest credit scores
- Comparison shop -- your current mortgage lender may not offer you the best rates
It should also be added that, with a zero-closing-cost or low-closing-cost mortgage, even a small reduction in your mortgage rate can make a refinance worthwhile.
Mortgage rates are low but can't stay low forever. If you haven't participated in the Refi Boom, talk with a loan officer and review your mortgage options. You may be able to save hundreds of dollars per month with just modest closing costs.
For more information about the Atlanta area real estate market, please email me at firstname.lastname@example.org or call me at 404.918.2500.
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