Friday, September 27, 2019 / by Jason Lee
In July, the Federal Reserve cut interest rates for the first time since 2008. Shortly after, the average 30-year fixed mortgage rate hit its lowest level since November of 2016, falling to 3.6%, down a full percentage point from a year earlier. Freddie Mac predicts that low interest rates and a robust job market will help the housing market remain strong despite the threat of recession.
What does it mean for you?
If you're looking to buy a home, now is a great time to lock in a low mortgage rate. It will shrink your monthly payment and could save you a bundle over the long term. Or, if you plan to stay in your current home for a while, consider whether it makes sense to refinance your mortgage at today's lower rates.