Today’s rates are hovering around 3 1/2%! Rates have been under 4% for most of the previous year. When we say the words “historically low interest rates” that’s exactly what we mean. The average national mortgage rate since rates have been documented, (over 40 years) is between 7 and 8%. 4% is ridiculous, much less 3.31%! If you haven’t refinanced yet, it’s a great time for a Streamline Refinance.
Consider that the highest mortgage interest rate in recorded history was 18.63% in October 1981. Consider this infographic of historic interest rates just to get an idea: (compliments of the blog Keeping Current Matters)
Refinancing from a 5% or 6% rate can save you hundreds on your monthly payment. Consider the following chart showing the difference on a $200,000 home, with a 2003 interest rate of 6.05%:
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With today’s historically low interest rates we’re seeing the most affordable real estate market in decades. The present market is a great opportunity to buy Frederick Real Estate.
The Highland Group
Frederick, Md 21701
TEXT or CALL: 301-401-5119