30-year fixed-rate mortgages now sit below four percent for the first time ever. As the nation continues to recover from the recession, buying a home continues to become more affordable as well.
30-year rates currently sit at 3.94 percent, the lowest since Freddie Mac began tracking rates back in the 1960s. Just three months ago, national mortgage rates were hovering around 4.6 percent, so those that buy today will obtain considerable savings. Today’s buyers would save about $40 a month, which works out to $14,000 for every $100,000 borrowed over the life of the loan.
Even if you are already settled into your Hamilton home, these low rates mean it is a great time to refinance your loan, if possible. Although there are up-front fees for the cost of refinancing, you could experience similar savings for the life of your loans.
To learn more about these unbelievable mortgage rates and current Hamilton real estate, call Bowling and Kugler Realty at 513-844-8405.