If you have been thinking about buying a home or refinancing, this is a good time to lock in a fixed mortgage rate for the years ahead. Let’s go over a couple of reasons why.
- Mortgage rates are still very low. The biggest reason to lock in mortgage rates at the moment is that the opportunity exists to get low rates and keep them. Even though there have been plenty of ups and downs over the past few months, the overall rates landscape has been a friendly one for home buyers and homeowners.
- There is no guarantee rates will stay this low. The next reason to consider locking in a low mortgage rate at this time is that there is no guarantee this opportunity will last. At least temporarily, we will probably continue to see an increase in employment since most states are in the process of reopening. When employment goes up, rates tend to go up as well—thus the recent rise in rates. That situation may turn around again in the future as we encounter future spikes in coronavirus cases which force more periods of layoffs and furloughs. But as it is difficult to predict what sorts of ups and downs we can expect, if you can save money now by refinancing with little to no closing costs or find a great home you should lock in your savings now.
- You can lower your expenses if you lock in today’s rates. Another advantage to locking in low mortgage rates in Seattle right now is that it will help trim your budget if you have had a dip in income because of coronavirus. By locking in a lower interest rate and payment as soon as possible, you will ensure that your future payments will be more manageable.
- We have no idea what the long term has in store for us. When you have a low fixed mortgage rate, you have one less thing to be uncertain about.
Lock in a Low Fixed Rate Now
Don’t expect rate to go down any further and don’t until rate rise and your chance for savings is gone. To buy or refinance at a low fixed rate now, please give us a call at (206) 352-6453 to schedule your Seattle mortgage consultation.
