Homeowners with Citigroup or those who are looking to buy with Citigroup may be able to lock in a low rate still, despite the rise in mortgage rates over the last few weeks. The past months have brought record low mortgage rates for many homeowners as rates were below 5%.
While, again, rates on a mortgage have risen, the interest on a 30-year fixed rate mortgage has stayed around 5%, which is a great rate for many current homeowners. Current homeowners have been refinancing their home loan for this lower rate in the hopes they will also get a lower mortgage payment as well.
Many new homeowners have been jumping into the housing market due to things like low mortgage rates, low housing prices, and the homebuyer tax credit. Many new homebuyers are also getting low mortgage rates that can bring along a low monthly mortgage payment as well.
Any homeowner or homebuyer is being advised to look at their current financial situation before proceeding with refinancing or buying. Anyone looking to do either must be aware of the costs associated with owning or refinancing a home and make sure it is in their best interest to do so.