The Best Time To Refinance Your Home
Twin Falls, Idaho (KMVT-TV) Mortgage rates fell to a new record low after the fed's decision to buy billions in home loans continued to ease costs for home owners and buyers.
The Federal Reserve announced in September that it would buy 40-billion dollars in mortgage backed securities each month.
Loralee McKee from Farmers National Bank says it's a good time to refinance your home if you're considering.
"Mortgage rates right now are at historical lows thirty year fixed rates are down available at three and a quarter, 15-years are down at two point seven five” said Loralee McKee Mortgage Loan Officer, Farmers National Bank.
If you're shopping around as a new home owner - you're in luck.
"It is a good time to look and explore and there is several programs out there that are available for first time home buyers and the interest rates on those are good as well” said Loralee McKee Mortgage Loan Officer, Farmers National Bank.
The best point to refinance you're home typically is in the spring and summer months.
"Right now this year it's been abnormal so to speak."
Home rates just don't help homebuyers but also help owners to refinance.
"The timing was perfect for us for the rate of where we are at now. It was easy to do, is always good to go out there and try to better yourself and getting a lower interest rate is bettering yourself. It just puts more money in your pocket, it's smart to do” said Ann Lively, refinanced home.
Mortgage rates are likely to remain low for a while, giving homeowners an opportunity to refinance.
40- Percent of all refinancing applications fall apart, according to the mortgage bankers association.
Many borrowers do not qualify for new loans because of credit scores or income.