BACK TO MAIN PAGE

Lower mortgage rates could save borrowers thousands of dollars

October 4, 2019

2 MINUTE READ

Last week, Diana Olick at CNBC reported that a new plunge in mortgage rates could save borrowers thousands of dollars. We’re excited about what that means for home buyers and sellers!

A few key takeaways:

  • The average rate on the popular 30-year fixed mortgage was at 3.75% last Friday. By Thursday, it had dropped to 3.62%, according to Mortgage News Daily.
  • Rates are now about 1.25 percentage point lower than they were at this time last year.
  • For the average borrower taking out a $300,000 mortgage, that is a savings of about $225 on the monthly payment, or $2,700 per year.

While home prices in California continue to increase and are expected to rise 2.5% through 2020, the California Association of Realtors is forecasting low mortgage rates will offset the rising cost of homes.

If you’re shopping for a mortgage or thinking about refinancing, get in touch with our Reali Loans team. Business Insider rated Reali Loans a top 2019 nonbank lender!

Ready to take the next step or have questions? Chat with an expert now.

Related Posts Icon

Related Posts

October 26, 2021


How Much Home Can You Afford?

5 MINUTE READ

October 21, 2021


👻 3 Spooky Homebuyer Myths Debunked

1 MINUTE READ

October 19, 2021


Spooktacular Ways to Decorate Your Home

4 MINUTE READ

September 29, 2021


Lydia and Eugene’s Trade-In Story with Reali

6 MINUTE READ

September 22, 2021


Reali Roundup: Buying a house? 🏡

1 MINUTE READ

September 21, 2021


How to Qualify for the Home Sale Tax Exemption

4 MINUTE READ

September 14, 2021


6 Most Commonly Asked Home Seller Questions

1 MINUTE READ