Mortgage Interest Rates Lowest Since 1971

People who are thinking about buying a home or refinancing a mortgage right now know that it is tough to get lenders to work with them whether they have an excellent credit rating and credit history or not. No matter how many hoops they must jump through to satisfy mortgage lenders, it is definitely in borrowers’ best interests to endure the paper chase as mortgage interest rates are at near-historic lows right now. The average interest rate for a 30-year fixed home loan dropped from 4.75 to 4.69 percent recently. This represents the lowest home mortgage interest rate since mortgage giant Freddie Mac began tracking rates in 1971. Mortgages rates on 5- and 15-year mortgages also fell recently, which means that right now is the best time in nearly 40 years to take on a mortgage or refinance an existing loan. Mortgage interest rates have steadily declined as nervous investors have sought the relative safety of Treasury bonds. As demand for these bonds goes up, yields on these bonds fall, and traditionally, mortgage rates tend to reflect the yields of these long-term investments. However, many homeowners looking to refinance their mortgages are having a tough time finding a lender to work with them. Lenders, smarting from their losses and expected losses from foreclosures and defaults, are making it very hard even for qualified borrowers. “It’s not the desire to refinance; it’s the ability to refinance,” said a loan officer with Trinity Mortgage Co. in Orlando, FL. “A lot of the people who can already have.” Because refinancing a home loan isn’t free, many mortgage experts say that refinancing is only worthwhile if homeowners can shave at least three-quarters, or 0.75 of a percentage point off their current loan. Other experts say that unless a full percentage point or more can be shaved off the rate, refinancing isn’t worth the hassle and expense. If you have good credit and want to take advantage of favorable mortgage rates by buying a Louisville home, call Louisville Properties today at 502.744.9504. We can help you find the perfect home for your needs now and for the future.

Join The Discussion

James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

Contact us

  • This field is for validation purposes and should be left unchanged.

Louisville

louisvilleproperties

Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
3418 Frankfort Ave #100 Louisville, KY 40207 Louisville, KY 40207
United States
Phone: 1-502-744-9504

Compare listings

Compare