Many people who have their home mortgage loan through J.P. Morgan Chase have been able to get a low interest rate over the past months as record low interest rates have been seen by many homeowners through a variety of mortgage lenders. Typically, the 30-year fixed rate mortgage is allowing many homeowners to not only get a lower mortgage rate, but a lower mortgage payment as well.
Homeowners that are refinancing are finding that a 30-year fixed rate mortgage is bringing an interest rate of around 5% for many. While a rate at this percentage isn’t as low as some homeowners have seen in the past months, it is still at a level that is beneficial to many homeowners.
New homebuyers are also jumping into the housing market because they are getting great deals on low mortgage rates and prices on homes, in some areas, are low. Again, many are looking at the 30-year fixed rate mortgage in these cases to not only get an affordable home mortgage payment but also that low mortgage rate as well.
Despite low mortgage rates, homeowners and homebuyers are being cautioned to make sure they understand the responsibilities that come with buying a home or refinancing a home.