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Refinancing while mortgage rates remain low

Amy Adamle
Created: July 06, 2020 08:54 AM

For the first time ever, home mortgage rates have dropped below three percent.  Experts said they expect these historically low rates to last through 2021.

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Local financial professional Barry Bigelow from Great Waters Financial said the local housing market is still hot right now and people are selling for more than the homes are listed for.  If you're not looking to buy, it's also a good time to refinance.  

"Whether you're buying your first home, refinancing for the first time, or you're trying to downsize or you're trying to get in a situation that's better for you financially, a lot of people who bought mortgages or houses three years ago, this is a great opportunity to refinance," Bigelow said.   

If you are refinancing, there are some questions you should ask yourself.

  • Will it reduce the monthly payment?  
  • Will it help pay off the loan faster?  
  • Can you get rid of private mortgage insurance?  

Bigelow said the lowest rates right now are available at a 15-year fixed mortgage.  For more information from Barry Bigelow, visit greatwatersfinancial.com.

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Amy Adamle

Copyright 2020 WDIO-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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