It's a great time to purchase a home, or re-finance the home you are in. The Fed made a rare move to lower the federal funds rate by a half-point to a range of 1% to 1.25% in between
Interest Rates are at historic low rates!
Dated: March 13 2020
It's a great time to purchase a home, or re-finance the home you are in.
The Fed made a rare move to lower the federal funds rate by a half-point to a range of 1% to 1.25% in between its regularly scheduled meetings Homeowners also flocked to take advantage of lower interest rates. Refinancing applications jumped 79% week over week, the biggest weekly jump since November, 2008. The volume of refinance applications was also the highest in nearly 11 years.
Continued downward movement in the 10-year Treasury would normally signal downward movement in mortgage rates. Where they stand now, Treasury yields suggest that mortgage rates still have some room to move lower, said Rick Sharga, a mortgage industry veteran and president and CEO of CJ Patrick Company, a financial-services consulting firm. “I wouldn’t be surprised to see 30-year loans with 3.0% rates before things settle back down,” Sharga said.
If you are considering buying a home, or want to look into re-financing, give me a call!
My name is Terri Merlino, born and raised in New Rochelle in Westchester County NY, moving to NJ after college. I have lived in Union, Middlesex, Somerset, Hunterdon and Morris Counties so I am ....