30-year fixed rate mortgages are currently quite low, so homeowners are looking to refinance and homebuyers who are thinking of jumping to the housing market are finding that mortgage rates are very affordable. Homeowners and homebuyers are currently able to take advantage of some of the lowest mortgage rates in recent history, so those homeowners and homebuyers, that are able, aren’t wasting time in locking in these interest rates.
Many homeowners have not only been refinancing in order to get a lower mortgage rate, but also, in the hopes of getting a lower monthly mortgage payment as well. Many homeowners are struggling to make ends meet in this tough economy, so they are looking for ways to make their mortgage more affordable and refinancing is one way of doing just that.
Numerous homebuyers have been able to not only take advantage of low mortgage rates, but they are finding low home prices as well. Low home prices, low mortgage rates, and things like the homebuyer tax credit have made homes much more affordable for many people that previously may have been hesitant about buying a home.
Anyone that may be looking into getting a new home or refinancing in order to lock in these low mortgage rates needs to make sure they are on a financially stable ground before doing so. Buying or refinancing a home is a big responsibility and not something that should be entered into lightly, so anyone thinking about either of these options must take care that they don’t get in over their head.