Mortgage Rates Drop 6 Weeks Straight
Rates are plummeting to their lowest levels in over a year and now everyone who purchased or refinanced in the last 6-12 months should be able to save money with a NO Closing Cost Refinance.
With as little as 5% equity you can refinance with NO PMI and NO Closing Costs. Do you have PMI now? There’s a good chance you can get rid of it and save thousands of dollars. If you’re paying PMI or have a loan where you think your interest rate is too high. Give Coastlend Mortgage a call today for a free evaluation of your mortgage. It can’t hurt to check.
Why Are Rates Dropping
This has been an unexpected surprise to everyone. Rates were supposed to be going up due to the FED “Tapering” their Mortgage Bond purchase program by 20 billion, also known as QE3. However with uncertainty in world economies and a possible war in Ukraine, world investors are looking for safe investments.
US mortgage Bonds are the safest investment in the world and that is causing more money flowing into mortgage bonds. This causes interest rates to go down. So even thought the Fed is pulling back, private investors are filling the void and more.
How Long will this last?
No one can say for sure and things can turn on a dime. One good economic report like positive jobs numbers, could send rates higher. when it happens it will happen fast so don’t miss out if you can save money today.
With a No Closing Cost Refinance you can rest assured because if rates do drop lower in 6 months you can refinance without the worry of more closing cost expenses. In addition if the rate drops after you start your loan and before you close, we allow you to take advantage of the lower rate with a rate drop at no cost.
Call today for a free approval.