If you’re looking for some good news to distract you right now, check out refinancing your mortgage. In November 2018, the average 30-year mortgage rate was nearly 5%. Right now, you can find 30-year rates at around 3.25% to 3.375% with zero points. Mortgage rates are at all-time lows again, with the previous lows back in 2016 and 2012 (source):

At these lower rates, millions more homeowners can save money by refinancing rates, even after taking into account the loan fees (source). This is based on industry data on the rates of existing mortgages.

If you are refinancing, try to see if you can lower your rate without paying too much upfront in points and fees.

Bottom line. Due to coronavirus fears, interest rates are now at or nearing all-time lows. This also means that millions more homeowners may be able to lower their mortgage rate via a refinance. If you are serious, get an accurate full quote with all the costs involved with a reputable comparison site like LendingTree (tip: don’t enter a phone number if you don’t want them to call you) or go local and call up your neighborhood broker. If you are just curious, try an “instant quote” that doesn’t require any upfront information. If you do like what you see, lock in the rate as they can pop back up quickly.

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Coronavirus Fears + Mortgage Rates at 8-Year Lows = Good Time To Refinance? from My Money Blog.


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