Mortgage Rates Trending Down
Mortgage rates are on a downward trend, and we’re seeing the lowest rates in 11 months. Freddie Mac reported the national average on a 30-year fixed-rate loan at 6.5%, and the 15-year fixed-rate mortgage at 5.6% in their weekly statement issued Thursday, September 4th.
This is good news for many potential home buyers, as well as current owners seeking to refinance.
Whether you’re interested in purchasing or refinancing, lenders will take certain factors into consideration when determining your interest rate. This includes:
Credit score and credit history
Income and employment stability
Debt-to-Income (DTI) ratio
Assets and reserves
Property appraisal
Loan-to-value (LTV)
My team and I are continuously monitoring rates for our clients, in the effort to lock in the best rate possible. Give us a call to get started on your mortgage plan for success!