Interest rates are a big portion of how much you have to pay each month to live in your house. Last week interest rates fell to a three-year low.
Translation: If you are thinking of buying a home in the near future or refinancing the one you are living, lock in this low interest rate. NOW.
According to the latest data released last week by Freddie Mac, the 30-year fixed-rate average slipped to 3.58 percentwith an average 0.5 point, its lowest level since May 2013. (Points are fees buyers pay to a lender equal to one percent of the loan amount.) It was 3.67 percent a year ago. The 30-year fixed-rate has dropped 43 basis points since the start of the year.
The 15-year fixed-rate average slid to 2.86 percent with an average 0.5 point. It was 2.94 percent a year ago. The last time the 15-year fixed rate fell this far down was also in May 2013.
To me, 3.58 percent is virtually FREE. When I bought my first house in 1978 during a period of raging inflation, my interest rate was 21 percent. Yep. 21 percent. That is not a typo. And that was a good rate since I had stellar credit!
Did I forget to mention, now is a good time to lock in that rate with your favorite mortgage lender?
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"My partner and I hired Jake Soteros to be our real estate agent last year after deciding we wanted to invest in the ever evolving downtown Las Vegas housing market. I immediately thought of Jake, since he has been immersed in the downtown scene as a business owner, and also a resident, and definitely has his finger on the pulse! After completing two home purchases over the course of 4 months, having spent the previous 2-3 months searching for just the right properties, I can honestly say that Jake went above and beyond my expectations as a real estate professional! The process of searching for, making offers on, and navigating the contract process can be a roller coaster, to say the least, and Jake's calm and confident demeanor, and his knowledge of the market really helped us to maintain our sanity through some stressful times! And since we travel and work a lot, there were a couple of occasions when Jake acted as a stand-in when we weren't able to be present for an inspection or a repair. I have already referred a good friend that was interested in buying a property downtown to Jake, and she is really enjoying working with him, as well. After our first house closed, celebrating over Mexican food and margaritas, Jake told us that "cheesy as it may sound", he loves helping people reach their goals, and seeing them happy is really gratifying for him :) That absolutely comes through in his work! We are definitely happy, and ready to celebrate that second closing when you are, Jake!"