You may have read many recent headlines all about mortgage rates, as they relate to the COVID-19 epidemic. In the last few months, news surrounding the virus has dramatically changed the tone of global markets; investor confidence being a key factor in mortgage rates, rates took a dive starting last April going into summer. With all of the many mortgage headlines since then, you might be wondering: What is the current state of the mortgage market? Have recent Federal Reserve announcements changed anything?
The short answer: Yes. Rates sat at record lows just a month or so back, and some recent news did in fact cause a rate spike for a moment: The Fed announced a mortgage tax, which was since rescinded to due its unpopularity (i.e. it would make refinancing more pricey for borrowers). They reversed the tax, and this week, rates are back to near-record lows.
These are sub-3% rates for most borrowers, which would have been unheard of in years prior! Rates are helped by Fed talks of buying additional mortgage-backed securities (applies helpful downward pressure to rates). Many borrowers refinancing / securing new loans now will likely never need to refi again!
So what are you waiting for? Head over to ProspectQuote.com to check rates + closing costs 24/7, for free, without personal contact info, and at no-obligation to you. See if these rates could benefit you, and feel free to call with any questions: 858-605-0952.
Thanks very much!
Prospect Financial Group
948 Garnet Avenue
San Diego, CA 92109
NMLS: 349089 | BRE: 01837707
Jason Vondrak has been in the mortgage industry since 2004 and co-founded the mortgage brokerage Prospect Financial Group in 2006 in San Diego, California. Today he serves as President and CEO of Prospect Financial Group and the president and founder of Prospect Property Group, a real estate development company, established in 2012.