For existing homeowners, refinancing may offer a chance to save substantial amounts of money. By refinancing, you can not only lower your existing interest rate but also potentially move into a better mortgage product. Refinancing to a 15 year mortgage could instantly reduce your mortgage payment and give you a jump start on tacking away your mortgage debt.
For buyers, the attractive mortgage rates open up a wide array of new possibilities. Home-ownership has historically been a great investment and with lower mortgages rates, more people than ever can access this form of wealth. Not only are the interest rates lower, but the cost of borrowing is also reduced, so people can get more house for their buck with the same amount of money.
Those who might not have had an opportunity to purchase may have a second chance. The initial hurdle of securing a mortgage is smaller and, on top of that, new home buyers can expect attractive closing costs and other incentives.
For lenders, all these positives ripple back.
Article Created by A.I.