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Friday, September 27, 2019   /   by Jason Lee

Mortgage Rates Are Near Historic Lows

"If you're looking to buy a home, now is a great time to lock in a low mortgage rate."

In July, the Federal Reserve cut interest rates for the first time since 2008.  Shortly after, the average 30-year fixed mortgage rate hit its lowest level since November of 2016, falling to 3.6%, down a full percentage point from a year earlier.  Freddie Mac predicts that low interest rates and a robust job market will help the housing market remain strong despite the threat of recession.

What does it mean for you?

If you're looking to buy a home, now is a great time to lock in a low mortgage rate.  It will shrink your monthly payment and could save you a bundle over the long term.  Or, if you plan to stay in your current home for a while, consider whether it makes sense to refinance your mortgage at today's lower rates.

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